Ex-BitMEX CEO Arthur Hayes Dumps Massive GMX Holdings

Arthur Hayes, the founder of crypto exchange BitMEX, recently transferred over 230,000 GMX tokens to Wintermute Trading, suggesting a possible sale. Hayes was the largest personal holder of GMX, having spent around $6.5 million to acquire his holdings. The move sparked speculation that Hayes may have capitulated and sold his tokens at a profit of over $3.2 million, leading to a temporary price dip for GMX before it recovered. Analysts see similarities between GMX's price action and Ethereum's capitulation in August 2023, suggesting the altcoin could embark on an upward trajectory in the future.

Former BitMEX CEO Arthur Hayes Sells Off Massive GMX Holdings

In a move that has sent shockwaves through the cryptocurrency community, Arthur Hayes, the founder of the prominent crypto exchange BitMEX, has recently sold off a substantial portion of his holdings in GMX, the native token of the decentralized perpetual exchange GMX.

Blockchain research platform Lookonchain first reported the transaction, revealing that Hayes had seemingly sold 237,672 GMX tokens to Wintermute Trading, a crypto algorithmic trading firm, on April 7, 2024. The transaction, which was valued at approximately $3.2 million, raised eyebrows as Hayes had been a staunch supporter of GMX and was its largest personal holder.

Throughout 2022, Hayes had accumulated a total of 218,337 GMX tokens through centralized and decentralized exchanges, spending a total of $6.5 million. Based on Lookonchain data, his average cost of acquisition for these tokens was around $29.74.

The sudden sale of Hayes' GMX holdings sparked rumors of a possible token sale by the former BitMEX CEO. Crypto analysts and traders alike speculated on the reasons behind the move, with some suggesting that it could indicate Hayes' capitulation from the market.

However, Hayes himself has not made any public statements regarding the sale. Nonetheless, the transaction has had a noticeable impact on the GMX token price.

Immediately following the news of Hayes' sale, GMX experienced a sharp decline, dropping by 9% in just an hour. However, it quickly began to recover, and as of the time of writing, it is trading at $40.47, a 1% drop from 24 hours ago.

Despite the initial dip, some analysts believe that the GMX price could begin an upward trajectory, similar to what Ethereum (ETH) experienced after its own capitulation in 2023. They point to the ascending triangle pattern that GMX is currently forming on its price chart, which mirrors the pattern that ETH formed during its capitulation.

However, it is important to note that the cryptocurrency market remains highly volatile, and any price predictions should be taken with caution. Investors are advised to conduct their own thorough research before making any investment decisions.