Blockchain tracker Lookonchain finds that a trader using the decentralized exchange (DEX) GMX made more than $1 million by accurately predicting Ethereum’s (ETH) price action over the past several weeks.
Lookonchain notes the trader shorted ETH on July 14th, when it was trading near a recent high at around $2,000, and then the trader closed the position after the market crashed last Thursday, making nearly $1 million.
The trader subsequently went long on Ethereum with an entry price of $1,624 and is making a $145,721 profit on that position at time of writing.
ETH is trading at $1,667 at time of writing. The second-ranked crypto asset by market cap is down 0.75% in the past 24 hours and more than 9.6% in the past seven days.
GMX specializes in perpetual futures and aims to provide low swap fees and low-price impact trades, according to the project’s website.
Not all GMX traders were as successful as the one mentioned above, according to Lookonchain. A different trader went long on Bitcoin (BTC) before the market crashed last week and had lost around $1.07 million at time of writing. Data from GMX shows that the trader is still holding the underwater position.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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