Arthur

April

On April 8, 2024, Arthur Hayes, the co-founder and former CEO of BitMEX and the top holder of the GMX governance token, unstaked all of his GMX holdings and transferred them to a Centralized Exchange (CEX). Following Hayes’ actions, the GMX token experienced a massive decline. Arthur Hayes’s potential GMX sell 
While examining Hayes’ GMX holdings and purchasing details, he possesses a total of 237,672 GMX tokens valued at $9.78 million, acquired at an average cost of $45. Since 2022, he has maintained his position as the primary holder of GMX tokens. According to data fromDebank, a DeFi portfolio tracking dashboard, Hayes transferred a significant 41,000 GMX tokens, equivalent to $1.68 million, to the new address of a Centralized Exchange (CEX) today. With GMX’s current price hovering around $40, this move potentially incurred a loss of $250k, based on his average cost of $45 per GMX. 
In addition to Debank’s data,LookOnChain, an on-chain analytic firm, posted on X (formerly Twitter) that Hayes transferred his substantial holdings to WintermuteTrading, the largest crypto-native algorithmic trading platform. However, according to LookOnChain’s data, the average cost of Hayes’ GMX holdings stands at $29.72. Furthermore, the data indicates that if Hayes were to sell all of his GMX holdings, he would realize a profit of $3.2 million. GMX price fell following Hayes action 
Following <a href="https://news.todayq.com/arthur-hayes-remains-bullish-on-wif-token/" rel="noopener noreferrer nofollow">Arthur Hayes’ actions</a>, the GMX token price experienced a significant drop of nearly 8%. Historical data suggests that whenever Hayes makes a move or discusses a project, there is a high likelihood of the token price reacting accordingly, and this time proved to be no exception.
Currently, the GMX token is trading near $40, with a nearly 8% price decrease in the last 24 hours. Over a longer period, GMX has seen a downward trend, with a nearly 13% decline in the last 7 days and a substantial 35% decrease in the last 30 days.
In addition to price performance, the 24-hour trading volume has surged by 230%, reaching $36.7 million. This significant increase in trading volume suggests heightened investor activity surrounding the GMX token, possibly influenced by Hayes’ recent actions.

Arthur Hayes unstakes $9.7 mln of GMX tokens, might book a loss

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