The most purchased coin of the famous name, who came to the agenda with crypto money predictions and previously managed a popular Bitcoin and altcoin exchange, has been revealed. On-chain data has revealed the latest investments by Arthur Hayes, co-founder and former CEO of cryptocurrency exchange BitMEX. Here are the details…
Arthur Hayes’ focus is on this altcoin
Cryptocurrency investors closely follow the coins in the crypto portfolios of experts in the field. On-chain analysis of wallets by Arthur Hayes, co-founder and CEO of crypto exchange BitMEX, shows that Hayes is an altcoin “whale”. According to Lookonchain, Hayes is currently the investor with the most GMX (GMX) holdings. That makes Hayes a whale. Crypto whales are individuals or organizations that hold large amounts of a particular cryptocurrency. Generally speaking, a crypto whale is an asset with enough crypto to significantly influence market prices by buying and selling a significant amount of coins and tokens.
1/ Arthur Hayes (@CryptoHayes) is currently the largest individual holding address of $GMX, holding 200,580 $GMX ($13.47M).
He bought 200,580 $GMX with a cost of 3,386 $ETH($5.72M at that time) from Mar 3, 2022 to Sept 7, 2022, the average buying price is $28.5. pic.twitter.com/cWjlnQScJs
— Lookonchain (@lookonchain) February 6, 2023
According to data from Lookonchain, the total amount of the token in the wallet of the BitMEX CEO, which makes Hayes the largest whale, corresponds to 200,580 tokens. According to data shared by Lookonchain, Hayes collected 200,580 GMX tokens between March 2, 2022 and September 7, 2022. Hayes paid an average price of $28.5 per coin for these purchases. It allocated a total of 3,386 Ethereum (ETH) to the transaction. This amount was equal to about $5.72 million at the time. Hayes also received 12,405 “escrowed GMXs (esGMX)”. This added another $818,744 to their holdings.
GMX was little affected by the cryptocurrency winter
The data shows that the GMX token is currently trading at around $67, meaning Hayes’ GMX reserve is worth about $13.5 million. This also reveals that Hayes’ GMX pool has generated over $7.5 million in profits. Meanwhile, data from the end of 2022 showed that GMX was the best performing coin during the bear market. Below you can see the coin’s one-year chart:
Over the course of 2022, the coin has dropped only 23 percent, despite the devastating effects of winter. Also on September 19, 2022, a hacker used GMX to steal $565,000 Avalanche (AVAX). In response, the GMX token recorded a 10 percent drop at the time. Also on January 4, 2023, a GMX whale address was hacked by hackers. He lost $3.4 million worth of GMX tokens. The GMX token fell only 3 percent after the event.
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