{"id":602097,"date":"2024-04-08T22:00:50","date_gmt":"2024-04-08T22:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=602097"},"modified":"2024-04-08T15:18:31","modified_gmt":"2024-04-08T15:18:31","slug":"arthur-hayes-sells-all-his-holdings-of-this-altcoin-how-did-the-price-react","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/arthur-hayes-sells-all-his-holdings-of-this-altcoin-how-did-the-price-react\/","title":{"rendered":"Arthur Hayes Sells All His Holdings Of This Altcoin, How Did The Price React?"},"content":{"rendered":"<p style=\"font-weight: 400\">Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-drops-after-massive-whale-dump-casting-doubt-on-1-target-in-april\/\" target=\"_blank\" rel=\"noopener \">XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April<\/a><\/div>\n<h2 style=\"font-weight: 400\">Altcoin Dropped By Its Largest Personal Holder<\/h2>\n<p style=\"font-weight: 400\">Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX.<\/p>\n<p style=\"font-weight: 400\">Throughout 2022, the BitMEX founder <a href=\"https:\/\/twitter.com\/lookonchain\/status\/73243590\" target=\"_blank\" rel=\"noopener nofollow\">spent<\/a> a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000.<\/p>\n<p style=\"font-weight: 400\">From July to December 2023, Hayes withdrew 215,428 GMX tokens from <a href=\"https:\/\/wncen.com\/dogecoin-2\/dogecoin-whale-35-2-doge-binance-buying\/\" target=\"_blank\" rel=\"noopener \">centralized exchanges<\/a> (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap.<\/p>\n<p style=\"font-weight: 400\">As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading.<\/p>\n<p style=\"font-weight: 400\">The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the <a href=\"https:\/\/twitter.com\/lookonchain\/status\/09397263\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a>, the average cost of buying through Haye\u2019s accumulation phase is around $29.74. \u00a0After selling, Hayes\u2019s profits would total over $3.2 million.<\/p>\n<p style=\"font-weight: 400\">GMX investors <a href=\"https:\/\/twitter.com\/s1pires\/status\/89164160\" target=\"_blank\" rel=\"noopener nofollow\">reacted<\/a> to the news, suggesting that \u201cnothing changed\u201d and the altcoin was \u201cin that buy zone again.\u201d<\/p>\n<h2 style=\"font-weight: 400\">Did Arthur Hayes Accept Capitulation?<\/h2>\n<p style=\"font-weight: 400\">Crypto analyst and trader JJcycles <a href=\"https:\/\/twitter.com\/JJcycles\/status\/64535652\" target=\"_blank\" rel=\"noopener nofollow\">suggested<\/a> that the transaction looked like \u201cHayes capitulation.\u201d Later, the trader speculated why the GMX price didn\u2019t \u201ctank hard\u201d after one of its largest personal holders sold his tokens.<\/p>\n<p style=\"font-weight: 400\">To the analyst, the incident looked \u201clike the price of ETH during the FTX debacle.\u201d Based on his perception, the trader decided to buy more GMX tokens.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make.<\/p>\n<p>My question, why is price not tanking hard?<\/p>\n<p>Feels a bit like the price of ETH during the FTX debacle.<br \/>I&#39;m buying more.<a href=\"https:\/\/twitter.com\/search?q=%24GMX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$GMX<\/a> <a href=\"https:\/\/t.co\/jZi91vIghT\" rel=\"nofollow\">pic.twitter.com\/jZi91vIghT<\/a><\/p>\n<p>&mdash; JJcycles (@JJcycles) <a href=\"https:\/\/twitter.com\/JJcycles\/status\/74788644?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 8, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400\">In a later post, the analyst <a href=\"https:\/\/twitter.com\/JJcycles\/status\/85563133\" target=\"_blank\" rel=\"noopener nofollow\">clarified<\/a> what he meant with his previous statement. According to him, GMX\u2019s capitulation looks like ETH\u2019s capitulation in 2023.<\/p>\n<p style=\"font-weight: 400\">As <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-traders-capitulate-rally-slows-down-good\/\" target=\"_blank\" rel=\"noopener \">reported<\/a> by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH\u2019s price bounced back from the capitulation and has continued an upward trajectory ever since.<\/p>\n<p style=\"font-weight: 400\">Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH.<\/p>\n<h3 style=\"font-weight: 400\">GMX Price Reaction<\/h3>\n<p style=\"font-weight: 400\">The GMX token displays <a href=\"https:\/\/wncen.com\/news\/defi\/gmx-drops-whales-selling\/\" target=\"_blank\" rel=\"noopener \">red numbers<\/a> in most timeframes, as it\u2019s currently 55.5% lower than its all-time high (ATH) of $91.07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes.<\/p>\n<p style=\"font-weight: 400\">After the news of Hayes\u2019 transaction broke, the price went from hovering between the $40.8-$40.7 price range to $37.1, plunging 9% in just an hour.<\/p>\n<p style=\"font-weight: 400\">Nonetheless, the altcoin quickly started to recover from the initial dip. \u00a0At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the token\u2019s market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/sleeping-giant-awakens-ancient-ethereum-whale-with-over-12000-eth-creates-noise\/\" target=\"_blank\" rel=\"noopener \">Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise<\/a><\/div>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-602099 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=860&#038;resize=860%2C433\" alt=\"Altcoin, GMX, GMXUSDT, crypto\" width=\"860\" height=\"433\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=1022 1022w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=360 360w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/GMXUSDT_2024-04-08_08-05-12.png?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"text-align: center\">GMX performance in the 3-day chart. Source: GMXUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/t1sBaRMj\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview<\/a><span class=\"Apple-converted-space\">\u00a0<\/span><\/pre>\n<div class=\"disclaimer-shortcode\">Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Altcoin Dropped By Its Largest Personal Holder Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX. Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000. From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap. As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading. The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report, the average cost of buying through Haye\u2019s accumulation phase is around $29.74. \u00a0After selling, Hayes\u2019s profits would total over $3.2 million. GMX investors reacted to the news, suggesting that \u201cnothing changed\u201d and the altcoin was \u201cin that buy zone again.\u201d Did Arthur Hayes Accept Capitulation? Crypto analyst and trader JJcycles suggested that the transaction looked like \u201cHayes capitulation.\u201d Later, the trader speculated why the GMX price didn\u2019t \u201ctank hard\u201d after one of its largest personal holders sold his tokens. To the analyst, the incident looked \u201clike the price of ETH during the FTX debacle.\u201d Based on his perception, the trader decided to buy more GMX tokens. One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make. My question, why is price not tanking hard? Feels a bit like the price of ETH during the FTX debacle.I&#39;m buying more.$GMX pic.twitter.com\/jZi91vIghT &mdash; JJcycles (@JJcycles) April 8, 2024 In a later post, the analyst clarified what he meant with his previous statement. According to him, GMX\u2019s capitulation looks like ETH\u2019s capitulation in 2023. As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH\u2019s price bounced back from the capitulation and has continued an upward trajectory ever since. Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH. GMX Price Reaction The GMX token displays red numbers in most timeframes, as it\u2019s currently 55.5% lower than its all-time high (ATH) of $91.07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes. After the news of Hayes\u2019 transaction broke, the price went from hovering between the $40.8-$40.7 price range to $37.1, plunging 9% in just an hour. Nonetheless, the altcoin quickly started to recover from the initial dip. \u00a0At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the token\u2019s market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million. Related Reading: Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise GMX performance in the 3-day chart. Source: GMXUSDT on Tradingview\u00a0 Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":602098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,91695,230,26263,89756,86743,87997,86742],"class_list":["post-602097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-altcoin-holders","tag-arthur-hayes","tag-crypto-analyst","tag-crypto-trader","tag-gmx","tag-gmx-analysis","tag-gmxusdt"],"acf":[],"yoast_head":"\n<title>Arthur Hayes Sells This Altcoin, How Did The Price React?<\/title>\n<meta name=\"description\" content=\"Arthur Hayes seemingly sold over 237K tokens of an altcoin he held since 2022, making over $3.2 million in profits.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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