BitMex Founder Becomes Largest GMX Holder With Over 200k Tokens

Key Points:

• According to on-chain data, BitMex founder Arthur Hayes is currently recorded as the individual address holding the most significant number of GMX tokens.
• The 200,580 GMX purchased has increased its value from $5.72 million at the time of purchase to $13.47 million today.
• GMX is noted as a stablecoin, having dropped 23% during the crypto winter.

BitMex founder, Arthur Hayes, is currently the most significant individual holder address of GMX, holding 200,580 GMX. Based on the current price, the profit is nearly $9m.

According to on-chain data, 200,580 GMX tokens are owned by the co-founder and CEO of the BitMex crypto exchange. This has made him the individual holder of the most significant utility and governance tokens of the GMX project.

Arthur Hayes purchased tokens between March 3 and September 7, 2022, totaling 3,386 Ethereum (ETH) for these purchases from an average purchase price of $28.5. This amount equated to about $5.72 million at the time. He also claims a 12,405 GMX margin (esGMX), adding another $818,744 to the pool. This token has now increased in value to $13.47 million.

This is also not coincidental, as the BitMex founder has previously expressed on his blog that he is very bullish on altcoins like GMX LOOKS and has bought a lot of them.

That has been proven, in fact, when in the time of the downhill Bitcoin bear market followed by a series of altcoins sliding without braking, GMX only dropped about 23%, according to CryptoSlate.

GMX is the utility and governance token of the decentralized GMX spot and perpetual exchange. As a DEX, trading on GMX is supported by multi-asset pools, earning liquidity providers fees from market making, swaps, and leverage trading.

The token launched in September 2021 on the Arbitrum One blockchain. Arbitrum is an Ethereum scaling solution utilizing optimistic rollups to speed up transaction times and cut fees.

GMX tokens are mainly earned from migrating from previously available platforms. In addition, you can swap on Arbitrum and Avalanche DEX exchanges, then stake to receive incentives.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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