Arbitrum, a layer-two scaling solution for Ethereum, has surged by 44% in the past week, reaching major highs. Though the surge can be attributed to the ubiquitous uptrend in the market, the massive whale buying of the token appears to be a contributor to its bullish trend.

According to data from Lookonchain, whales have been on a buying spree on Arbitrum native token ARB. Nine whales purchased 12.4 million ARB tokens in the past seven days, equivalent to $21 million. Meanwhile, eleven other whales still hold a huge sum of ARB tokens, and only three sold 22.8 million ARB tokens worth $38 million.