BitMEX Founder Arthur Hayes Makes Massive $8,000,000 Profit Buying GMX – On-Chain Data

BitMEX founder Arthur Hayes has reportedly seen the value of his GMX portfolio increase by more than $8 million in a matter of months.

The blockchain follow-up Twitter account Lookonchain reports that Hayes purchased 200,580 GMX between March 3 and September 7 of last year.

He spent 3,386 Ethereum (ETH) worth $5.72 million at the time of the transactions to make the GMX purchases.

With GMX trading for $70.11 at the time of writing, the value of that treasure is now over $14 million. The Ethereum you currently spent on is only worth about $5.6 million.

GMX is a decentralized exchange (DEX) that specializes in perpetual futures and aims to provide low exchange fees and “zero price impact” trading, according to the project’s website.

The DEX is currently active on the Ethereum Arbitrum scaling solution and the Avalanche (AVAX) smart contract platform.

Hayes has previously referred to GMX as a “superpowerful” crypto asset.

“If you want to get started on the path to finding the right asset to participate in on the bright side and earn income while you wait for the bull market to return, go to a site like Token Terminal and see which protocols generate real income. So it’s up to you to investigate which protocols have attractive tokenomics.”

Lookonchain notes that Hayes is currently GMX’s largest single holding address.

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