Arthur Hayes, the creator of BitMEX, has been a top holder of the GMX since 2022. He recently, transferred his entire holding of 237,000 GMX, valued at $9.78 million, to a newly created address. Subsequently, this address distributed 41,000 GMX, equivalent to $1.68 million, across platforms like Binance, OKX, and Bybit.
The price of GMX has dropped to $37 from $45 following his transfer. As per the CoinMarketCap, at the time of writing the GMX token price is at $39.90.
The average long-term cost of ownership for each coin is calculated to be approximately $45 for him after the deduction of staking earnings.
With GMX trading at approximately $40, the move potentially incurred a loss of $205,000. The new address, which received Gas from Wintermute, is believed to be associated with Wintermute and may delegate GMX for sale or OTC trading through Wintermute.
The transfer of a substantial amount of GMX by Arthur Hayes has reflected the negative sentiment. As a result, the price of the GMX has been dropped.
Also Read: BitMEX Co-founder Arthur Hayes Joins Ritual AI as Advisor
