ARKM Climbs 8% as Crypto X Blasts Arkham's Paywall

Arkham Enterprise's arrival came with a condition. Those using the on-chain analytics platform without charge no longer have full transaction histories or filtering, and each address now shows only its 100 latest transactions. Still, Arkham's ARKM token gained nearly 8%.

These changes took effect on October 20. Arkham's sign-up form puts Enterprise at $1,500 per month, with a free trial first for approved users — a hefty price for information derived from public blockchains.

Accusations of Opacity Follow Arkham's Transparency Tool

Tracer 2.0, Arkham's tool that tracks funds hop by hop, has also been moved behind the paywall. The ability to create new custom labels and to view counterparties is likewise reserved for Enterprise.

Free users can still access Arkham's labels, the Visualizer 2.0 transaction graph and the block explorer. The company has also announced grants that give independent investigators and public-interest researchers free Enterprise access.

Rival platforms still seized their chance. Nansen's CEO, Alex Svanevik, made fun of the decision on X.

“$1500/mo for incorrect data 🤣🤣🤣 just use Nansen for FREE” Svanevik said.

A user going by Dominium suggested that charging for the tools might keep wrongdoers out of the public eye.

“You built your reputation on blockchain transparency, and now you’re charging $1,500/month for tools that could help shady operators stay one step ahead of public scrutiny? Congratulations on making crypto even more opaque and potentially turning it into an even bigger scammers’ paradise. Transparency for the rich. Darkness for everyone else,” Dominium lashed out.

A separate user, Mohammad, expected that open-source platforms offering identical features would arrive shortly.

Do Traders Value the Business Model More Than the Backlash?

The reaction from traders was different. According to TradingView data, ARKM traded near $0.119 at about 1:30 p.m. UTC on October 20, then climbed to roughly $0.128 by 3 p.m. UTC.

Volume moved in the same direction. Rolling 24-hour trading volume climbed from around $6.6 million to nearly $11 million, an increase of about 65%.

At press time, ARKM changed hands at $0.1276, about 8% higher over the previous 24 hours.

Arkham made its name by putting corporate Bitcoin holdings on public display. Now the company is wagering that funds and investigators will pay for that visibility, while rivals race to keep it free.