Loading...

BitMEX founder Arthur Hayes Realizes $3.2 Million Profit from Massive GMX Token Sale

TL;DR

  • Arthur Hayes realizes $3.2 million from GMX sale.
  • GMX price drops nearly 10% following Hayes’ transaction.
  • Hayes’ GMX offload marks strategic two-year investment return.

Arthur Hayes, ex-CEO of crypto exchange called BitMEX, has been observed in recent financial dealings which entail him buying some GMX tokens that represent the native crypto of the GMX decentralized exchange. Hayes had a significant holding of GMX tokens from March 2022; and in the latest deal has followed this by moving his holding of more than 237,000 GMX tokens. This magnified these discussions as well as their reactions to these lately making the space speculative and of the cryptocurrency community.

Arthur Hayes withdraws GMX Token influencing market dynamics

Arthur Hayes kicked off his GMX tokens by presenting himself as the well known investor who has been leading the cryptocurrency investment market since March 2022. For about nine months period, Hayes has entirely assembled his GMX tokens which were the result of purchase from centralized exchanges and Uniswap decentralized platform, making the total amount of 218,337 GMX tokens.

The purchase expenditure for these tokens became a sum of $6.5 million, on a per token purchase basis of $29.74. GMX’s conviction to demonstrate confidence to its investors is the main strategy used, which exhibits the CEO’s belief in the product’s technology and future prospects.

In exchange for the two years Hayes spent staking his GMX token, he collected rewards that ended up totaling at 237,672 tokens. The value of GMX saw a very dramatic spike prior to Hayes transaction hitting $41 at 8:30 AM. 

Hayes Gmx tokens sold to Wintermute

Nevertheless, GMX’s tokens sold off by him for $9.7 million caused a 10% drop in token value to $37, which exposed the size of transactions’ effect on the market. However, this change did not fully represent a recovery, as the GMX value remained 3 percent lower than it was 24 hours before it, evidencing not only the volatility and extreme manipulation of crypto markets but also their dependence on major trades.

Wintermute has become the new owner of Hayes’ GMX holdings after a transfer to a different blockchain address established its ownership. The speculations on him liquidating these holdings are on the rise. 

This hack shows the dependency of of single movements and increasingly market holistic dynamics variances among cryptocurrency industries. The direct sales contract of GMX by Hayes on the cryptocurrency market depict the delicacy of supply and demand chain also derive from involvement of celebrities in currency valuation.

Arthur Hayes’  GMX Exit market impact

There has been an examination of market analysis platforms and observers that have continuously followed the transaction. They cite Hayes to have massively profited from his trade of GMX investments. 

At first, he invested in tokens at an average price of – $29.74. Realizing an additional profit of $3.2 million now that the market price is better, Hayes sold the tokens. This trade deeply plows the skillfulness of beenchpin in the cryptocurrency field and precipitous earnings.

Arthur Hayes’ handling cards recently on GMX tokens may have several effects on the crypto market as well. To begin with, it illustrates how influential a major investor can get in the market. However, it depends on the price movements and sentiment. Instant gulf formation in GMX’s price fluctuation after Hayes’ sale tells that crypto tokens of other digital currency projects are likely to be affected by the actions of some particular investors or the team.

But, this fair reflects the chances of income from the market of cryptocurrency goods, regardless of its innate dangers and fluctuations. Hayes’ complete move and exit from GMX tokens forms a working case study on systems of cryptocurrency, trading and investment. It also leave questions about future GMX and possibly other tokens direction as investors and stock experts forecasting on the long-term viability and backing of DeFi applications.

News sourced from Tweet by market analysis platform Lookonchain,

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

depin
Cryptopolitan
Subscribe to CryptoPolitan