Arbitrum's ARB token faces heavy selling, hitting near 96% below its peak with large long liquidations.

Arbitrum's ARB token is under significant bearish pressure, dropping roughly 96% from its all-time high and experiencing double-digit losses in the last 24 hours. Long traders faced liquidations totaling over $750,000, while shorts lost under $7,500, indicating strong selling against bullish positions. On-chain data shows a net outflow of nearly $191 million in stablecoins from the Arbitrum network since mid-June, signaling users are exiting. Despite some support levels that previously triggered rallies, current indicators suggest continued selling pressure, with potential price targets near $0.073 if the downtrend persists. Overall, investor confidence appears to be fading as money leaves the network and holders offload ARB tokens.