BitMEX founder Arthur Hayes has been in the spotlight lately after making significant transactions within the crypto space. This time, it was for his substantial activities with GMX, a virtual token in the crypto sphere. Reports from Wu Blockchain and Lookonchain revealed contrasting views on Hayes’ transactions involving GMX tokens. Consequently, the crypto community speculates on the implications of these moves.
Wu Blockchain detailed that Hayes, who has been the leading individual holder of GMX since 2022, transferred all his GMX holdings, valued at $9.78 million, to a new address. Moreover, he moved 41,000 GMX, worth approximately $1.68 million, to centralized exchanges (CEXs). With an average purchase cost of about $45 and the current price hovering around $40, Hayes appears to have incurred a loss of $205,000.
On the other hand, Lookonchain presented a different perspective. Lookonchain’s post suggested Hayes unstaked all 237,672.8 GMX, totaling around $9.7 million, and transferred it to Wintermute Trading. Significantly, this action hints at a potential sale of GMX by Wintermute Trading. Considering Hayes’s average buying cost of approximately $29.74, this move could net him a profit of around $3.2 million.
Furthermore, the value of GMX at the time of this writing is at $37.72, marking a 7.57% dip over the last day. This price volatility adds another layer of intrigue to Hayes’ transactions. Hence, the crypto community is keenly observing these developments and pondering the potential market impacts.
Additionally, these transactions underscore the fluid nature of the crypto market. Investors and analysts are now analyzing the potential reasons behind Hayes’ decisions. Moreover, the contrasting reports from Wu Blockchain and Lookonchain highlight the complexity of tracking and interpreting high-value crypto transactions.
Arthur Hayes’ recent dealings with GMX have stirred considerable interest. Whether these moves will lead to profit or loss remains to be seen. However, one thing is clear: the actions of figures like Hayes can influence market sentiments and prices in the crypto world.
