Former BitMEX founder Arthur Hayes has transferred over $1 million worth of GMX tokens to centralized exchanges, according to on-chain analyst EmberCN.
Hayes’ GMX Holdings
Hayes previously held the largest personal GMX address since 2022. On Sunday, he transferred all 237,000 GMX (worth $9.78 million) to a new address.
Transfer to Exchanges
The new address then sent 41,000 GMX ($1.68 million) to Binance, OKX, and Bybit.
Wintermute Connection
EmberCN believes the new address belongs to algorithmic trading firm Wintermute, which received gas from Wintermute. The analyst suggests Hayes may have entrusted GMX to Wintermute for sale or over-the-counter (OTC) trading.
GMX Token
GMX is a decentralized exchange token used for staking and governance. It specializes in perpetual futures and aims to offer low fees and price impact trading.
Hayes’ GMX Holdings
Hayes acquired GMX at an average cost of $45 per token. GMX is currently trading at $41.54, down over 54% from its all-time high.
