Arthur Hayes Sells All His Holdings Of This Altcoin, How Did The Price React?

Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022.

This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million.

Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Altcoin Dropped By Its Largest Personal Holder Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday.

Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX.

Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens.

In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000.

From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX).

By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap.

As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data.

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