- Lookonchain names Arthur Hayes, the BitMex CEO, as the largest holder of GMX.
- The BitMex CEO once accumulated around 200,580 GMX tokens worth $5.72 million.
- Hayes’ GMX holding is currently worth $13.47M, reflecting a profit of close to $9M.
Loonkonchain, a blockchain analytics tool that grabs data from DEXs, has identified Arthur Hayes, the BitMex CEO, as the largest holder of GMX, the native crypto for the decentralized exchange under the same identity.
According to Lookonchain, Hayes accumulated 200,580 GMX tokens between March 3, to September 7, 2022. He paid 3,386 ETH for this purchase, equivalent to $5.72 million. The average buying price of each GMX token during this period was $28.5.
Data from Coinmarketcap shows that GMX has a total supply of 8,871,720 tokens. With 200,580 tokens in his portfolio, Hayes holds 2.26% of the total supply, which qualifies him as the most significant individual holder of GMX tokens and the fifth overall largest GMX-holding wallet within the crypto’s network. As of the time of Lookonchain’s report, Hayes’ GMX holding was worth $13.47 million, reflecting a profit of close to $9 million since his last purchase.
Other top holders ahead of Hayes include Synapse Bridge, with 877,589 GMX; Binance, with 296,480 GMX; Uniswap, with 258,167 GMX; and Vested GLP, with 210,252 GMX tokens are corporate entities.
GMX is the native token of the GMX decentralized exchange (DEX), a spot and perpetual platform that supports low swap fees. It was launched in September 2021, barely one year before Hayes’ last recorded GMX token purchase.
Hayes GMX holding is exceptional and has drawn the attention of the crypto industry. One of the responders to Lookonchain’s notification showed concern over the amount of influence that Hayes could have over the entire network. The user with the Twitter identity TheAvaxLover painted a scenario where Hayes could decide to dump all his GMX tokens in a single day. According to him, that particular move could make GMX’s price tumble to $30.
Coinmarketcap data showed GMX to be trading at $67.51 as of the time of writing, down by 3.52% in the last 24 hours. However, price action reveals a strong upside momentum for the crypto, having pulled back from $77.43, its highest price this year.