{"id":602097,"date":"2024-04-08T22:00:50","date_gmt":"2024-04-08T22:00:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=602097"},"modified":"2024-04-08T15:18:31","modified_gmt":"2024-04-08T15:18:31","slug":"arthur-hayes-sells-all-his-holdings-of-this-altcoin-how-did-the-price-react","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/arthur-hayes-sells-all-his-holdings-of-this-altcoin-how-did-the-price-react\/","title":{"rendered":"Arthur Hayes Sells All His Holdings Of This Altcoin, How Did The Price React?"},"content":{"rendered":"

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.<\/p>\n

Altcoin Dropped By Its Largest Personal Holder<\/h2>\n
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.<\/p>\n
Throughout 2022, the BitMEX founder spent<\/a> 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.<\/p>\n
From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges<\/a> (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap.<\/p>\n
As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading.<\/p>\n
The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report<\/a>, the average cost of buying through Haye\u2019s accumulation phase is around $29.74. \u00a0After selling, Hayes\u2019s profits would total over $3.2 million.<\/p>\n
GMX investors reacted<\/a> to the news, suggesting that \u201cnothing changed\u201d and the altcoin was \u201cin that buy zone again.\u201d<\/p>\n

Did Arthur Hayes Accept Capitulation?<\/h2>\n
Crypto analyst and trader JJcycles suggested<\/a> that the transaction looked like \u201cHayes capitulation.\u201d Later, the trader speculated why the GMX price didn\u2019t \u201ctank hard\u201d after one of its largest personal holders sold his tokens.<\/p>\n
To the analyst, the incident looked \u201clike the price of ETH during the FTX debacle.\u201d Based on his perception, the trader decided to buy more GMX tokens.<\/p>\n
\n
One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make.<\/p>\n
My question, why is price not tanking hard?<\/p>\n
Feels a bit like the price of ETH during the FTX debacle.
I'm buying more.$GMX<\/a> pic.twitter.com\/jZi91vIghT<\/a><\/p>\n
— JJcycles (@JJcycles) April 8, 2024<\/a><\/p><\/blockquote>\n

Altcoin Dropped By Its Largest Personal Holder<\/h2>\nBlockchain 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.<\/p>\n