BitMEX Founder Arthur Hayes Makes Massive $8,000,000 Profit Buying Up GMX: On-Chain Data

BitMEX founder Arthur Hayes has reportedly seen the value of his GMX portfolio balloon by more than $8 million in a matter of months.

The blockchain-tracking Twitter account Lookonchain reports that Hayes bought 200,580 GMX between March 3rd and September 7th of last year.

He spent 3,386 Ethereum (ETH) worth $5.72 million at the time of the trades to make the GMX purchases.

With GMX trading for $70.11 at time of writing, the value of that trove is now more than $14 million. The Ethereum he spent on is only currently worth about $5.6 million.

GMX is a decentralized exchange (DEX) that specializes in perpetual futures and aims to provide low swap fees and “zero price impact” trading, according to the project’s website.

The DEX is currently live on the Ethereum scaling solution Arbitrum and the smart contract platform Avalanche (AVAX).

Hayes has previously referred to GMX as a “super-powered” crypto asset.

“If you want to start down the path towards finding the right asset to both participate in the upside and earn income while you wait for the return of the bull market, pull up a site like Token Terminal and look at which protocols generate actual revenue. It is then up to you to investigate which protocols have appealing tokenomics.”

Lookonchain notes that Hayes is currently the largest individual holding address of GMX.

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