BitMEX Founder Arthur Hayes Makes Massive $8,000,000 Profit Buying Up GMX: On-Chain Data

BitMEX founder Arthur Hayes has reportedly seen the worth of his GMX portfolio balloon by greater than $8 million in a matter of months.

The blockchain-tracking Twitter account Lookonchain reports that Hayes purchased 200,580 GMX between March third and September seventh of final yr.

He spent 3,386 Ethereum (ETH) price $5.72 million on the time of the trades to make the GMX purchases.

With GMX buying and selling for $70.11 at time of writing, the worth of that trove is now greater than $14 million. The Ethereum he spent on is just at present price about $5.6 million.

GMX is a decentralized trade (DEX) that makes a speciality of perpetual futures and goals to supply low swap charges and “zero worth influence” buying and selling, in accordance with the challenge’s website.

The DEX is at present dwell on the Ethereum scaling resolution Arbitrum and the good contract platform Avalanche (AVAX).

Hayes has beforehand referred to GMX as a “super-powered” crypto asset.

“If you wish to begin down the trail in the direction of discovering the correct asset to each take part within the upside and earn earnings whilst you await the return of the bull market, pull up a web site like Token Terminal and take a look at which protocols generate precise income. It’s then as much as you to research which protocols have interesting tokenomics.”

Lookonchain notes that Hayes is at present the biggest particular person holding handle of GMX.

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