Arbitrum [ARB] saw its upside momentum strengthen significantly during a broader crypto market surge, breaking out of a tight trading range to reach a monthly high of $0.09.
At the time of writing, Arbitrum was trading around $0.088, marking a 16.28% increase on the daily charts. The altcoin's trading volume climbed by 378% to reach $158 million, reflecting a sharp increase in market activity.
Market demand for ARB was evident across both spot and derivatives sectors. On the spot side, exchange Netflow reversed from positive territory to negative, dropping to -$495k on August 19 and remaining negative at -$80k at press time. This indicated that investors were withdrawing ARB from exchanges. Meanwhile, derivatives volume surged 122% to $193 million, and Open Interest climbed 3.3% to $110 million as traders opened new positions.
On-chain metrics also showed growth within the protocol. Arbitrum reported that the total number of real-world asset (RWA) holders on Arbitrum One exceeded 10,000 for the first time. Simultaneously, data from DefiLlama showed that USD inflows to the Arbitrum Bridge reached a four-month high of $324 million.
Technical indicators reflected short-term upside pressure. ARB flipped its 20-day and 50-day exponential moving averages (EMAs) and tested the 100-day EMA. Additionally, the Relative Strength Index (RSI) formed a bullish crossover and rose to 67, supporting the current uptrend.
