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How Arthur Hayes Bucked the Market and Made a Tidy Profit on GMX

2 mins
Updated by Geraint Price
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In Brief

  • BitMEX founder Arthur Hayes is now the largest individual GMX holder, reports noted.
  • According to Lookonchain, Arthur Hayes owns 200,580 $GMX.
  • GMX is hovering close to $66 at the time of writing on CoinGecko.
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BitMEX founder Arthur Hayes is now the largest individual GMX holder, according to Lookonchain.

The entrepreneur had predicted last year that Bitcoin could crash to $10,000 amid a market meltdown. Meanwhile, Hayes has accumulated a profit of $9 million based on the current market prices of GMX.

$9M in GMX Profits

According to the platform, Arthur Hayes owns 200,580 GMX, worth around $13.47 million. This is based on his purchases between Mar 3, 2022, and Sept 7, 2022, for an average price of $28.5.

Lookonchain stated that Hayes claimed rewards of 344.5 ETH, worth $558,090 and 12,405 $esGMX (Escrowed GMX), worth $818,744.

Hayes Predicted Market Bottom

The former CEO of BitMEX also warned of a “global financial crisis” on the back of problems with the U.S. economy. Hayes said in a blog post last month: “Bitcoin will likely crash back down towards previous lows,” if the Fed pivots.

He also predicted that the crypto market is bottoming out. Hayes outlined the causes of the decline in bitcoin markets over the previous 12 months. He claimed last year’s booming crypto markets were fueled by an increase in stimulus funding brought on by the relief of the coronavirus.

Hayes was also an Ethereu skeptic in the past, who often commented about other crypto assets. He had also gone ahead to call Solana a “complete and utter sh*tcoin.” While Solana was hit with network blackouts, high-profile bankruptcies shook the entire market last year. Months after the 3AC debacle, FTX’s implosion negatively hit global crypto capitalization. Therefore, Hayes’ GMX holding reflects his bullish outlook for the perpetual contract trading platform.

“Looking forward, pretty much anyone who could go bankrupt has gone bankrupt,” Hayes said in a recent blog post. 

Notably, the global cryptocurrency market cap spiraled down from Dec. 2021, wiping off a trillion from its capitalization. At the time of writing, the cumulative cap stands at $1.1 trillion on CoinGecko

Bitcoin is tagging at the $22,000 levels at press time. According to the platform, GMX is hovering close to $66 at the time of writing. The 24-hour trading volume is close to $65 million.

GMX USD Prices on CoinGecko
GMX USD Prices on CoinGecko
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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.