Posted on

Arthur Hayes Sells All His Holdings Of This Altcoin, How Did The Price React?

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.

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’s accumulation phase is around $29.74.  After selling, Hayes’s profits would total over $3.2 million.

GMX investors reacted to the news, suggesting that “nothing changed” and the altcoin was “in that buy zone again.”

Did Arthur Hayes Accept Capitulation?

Crypto analyst and trader JJcycles suggested that the transaction looked like “Hayes capitulation.” Later, the trader speculated why the GMX price didn’t “tank hard” after one of its largest personal holders sold his tokens.

To the analyst, the incident looked “like the price of ETH during the FTX debacle.” Based on his perception, the trader decided to buy more GMX tokens.

In a later post, the analyst clarified what he meant with his previous statement. According to him, GMX’s capitulation looks like ETH’s capitulation in 2023.

As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH’s 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’s 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’ 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.  At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the token’s market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million.

Altcoin, GMX, GMXUSDT, crypto

Posted on

GMX Drops 24% in 1 Month, Whales Rapidly Selling: What’s Going On?

GMX, the native token powering GMX, a decentralized perpetual exchange for trading complex crypto derivatives, is under intense selling pressure when writing on August 11.

Trackers show that the governance token is down 7% on the last trading day, pushing monthly losses to 24%. This downturn has seen prices tumble close to $40, a critical support level last printed in January and June 2023. 

Whales Dumping, Prices Fall

Despite this setback, DeFiLlama’s data is stable as GMX’s Total Value Locked (TVL) remains over $534 million. Most of the trading platform’s liquidity is locked in Arbitrum, a layer-2 scaling solution for Ethereum. Additionally, another portion is locked on Avalanche, a fourth-generation Ethereum-compatible smart contract platform focused on decentralized finance (DeFi).

The sell-off on August 11 coincides with actions by GMX “whales.” According to Lookonchain data, four whales sold 62,274 GMX worth $3 million. Address “0xb824” liquidated 19,786 GMX, translating to 514 ETH, and “0xa38a” sold 11,667 GMX for 305 ETH, losing $50,000 in the process. Meanwhile, “0X85b7” sold 20,000 GMX for 510 ETH, and “0x0b80” mirrored this move, dumping 10,820 GMX.

Whales are selling amid a constant decline in TVL in DeFi. This contraction can be traced to the general cool-off from late 2021, when crypto prices peaked before dropping in 2022, crashing on-chain activity, especially in DeFi. At spot rates, it is changing hands at $46, an almost 50% decline from $91 registered in Q2 of 2023. Even so, the token is up nearly 4X from its all-time low.

GMX price on August 11| Source: GMXUSDT on Binance, TradingView

Whales’ action, nonetheless, could send ripples of uncertainty throughout the GMX and DeFi communities. Crypto traders actively keep track of whale activity. Usually, when they sell, as was the case today, it could sow fear, leading others to follow suit, heaping more pressure on prices.

GMX Launches v2 Beta

On August 6, GMX released the v2 version in beta on Arbitrum and Avalanche. The exchange said this version introduces several enhancements, including support for more assets, including XRP. With v2, users can also utilize diverse collateral types for trading positions while trading more quickly with reduced fees and lower slippage. 

With v2, the exchange adds, is the introduction of isolated pools for liquidity providers to customize their exposure to preferred tokens. This version also incorporates augmented incentives for balancing open interest, offering a strategic avenue for hedging pools against trader profit fluctuations. 

Posted on

GMX Generates More Fees than BNB Smart Chain and Bitcoin

GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin.

GMX Is The Third Most Active Platform

According to statistics, GMX’s 1-day fee on January 19 was around $589,000, while BSC and Bitcoin on-chain fees, over the same period, stood at $524,232 and $328,935, respectively. 

GMX Crypto Fees

Ethereum and Uniswap are the only two major protocols more active than the perpetual trading decentralized exchange, per the above data. During this time, the total Gas fees accrued in Ethereum exceeded $5 million. In Uniswap, it was over $2.1 million, roughly 4x GMX’s and BSC’s daily fees.

GMX supports trading various coins, including BTC, ETH, and AVAX. As of writing, GMX had $96,802,651,673 in total trading volume with open interest, that is, the number of opened positions, long and short, of $207,102,720. Meanwhile, over 208,000 active traders were using the platform to trade on Arbitrum and Avalanche. GMX launched on Arbitrum and Avalanche, considering their scalability and low fees versus Ethereum.

Arbitrum is Ethereum’s layer-2 platform permitting scalable and low-fee trading fees. On the other hand, Avalanche is scalable and boasts the fastest settlement time in crypto. By launching on these two platforms, GMX says it allows users to save on costs by entering and exiting positions with minimal spread and zero price impact. 

Traders take the profits of selling positions in USDC and the quote token when they go long. GMX prices are based on Chainlink’s decentralized oracles to prevent price manipulations.  

Trading Fees As A Measure Of Activity

Trading fees generated by a dApp or on a blockchain are a crucial activity indicator. Despite the tendency of users to opt for protocols offering near-zero fees, the decentralized nature of blockchains means validators or entities securing core infrastructures must be compensated. 

In decentralized finance dApps like Uniswap and GMX, trading fees generated from swapping activities are distributed to liquidity providers (LPs). There are also governance tokens that are distributed. Anyone can be an LP.

In September 2020, Uniswap distributed UNI to users who had, in one way or another, used the protocol to swap tokens before the airdrop distributing date. Currently, UNI trades at $6.1.

Uniswap daily price

Interestingly for GMX, the 1-day trading fee of $589,000 posted on January 19 exceeds the total average amount accrued over the past trading week of $565,682. The same trend can be observed in the top-5 most active platforms. Making extensions on this could point to renewed interest from users and traders using the protocol in one way or another.

In GMX, it could mean more traders are posting traders, aiming to clip the market and turn in a profit. Coincidentally, the upswing in trading fees is recorded when the cryptocurrency market appears to be bottoming up after losses. At least, this was the trend in 2022. 

Posted on

Top 4 Altcoins That Defy The FTX Fiasco – TWT, LTC, GMX, CHZ

The price action displayed by top altcoins in recent times has yet to be encouraging with the market’s erratic price movement after a cascading effect suffered by FTX led to many altcoins, including the price of Ethereum (ETH), battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move. Still, there have been some great price movements by these top 4 altcoins lately despite the uncertainty surrounding the crypto market, leading to much fear about where the market could be headed. (Data from Binance)

Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and invest only what you can afford to lose.

Top 4 Altcoins- Trustwallet Token (TWT) Price Analysis On The Daily Chart

Daily TWT Price Chart | Source: TWTUSDT On Tradingview.com

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

A standout performer in these times has been TWT as the price rallied with over 100% gains in less than 48hours as the price broke out with strong bullish sentiment above $1, rallying to a high of $2.7 before facing rejection to a region of $3.

The price of TWT trades at $2.1, holding up well above the 50 and 200 Exponential Moving Averages as the price eyes further movement to the upside. If the price maintains its structure and bullish movement, we could see the price rallying to $3.

Price Analysis Of Litecoin (LTC) On The Daily (1D) Chart

Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com

LTC’s price has recently outperformed BTC after showing a bullish trend despite the market’s uncertainty due to the FTX fiasco.

Despite facing rejection to a region of $50, the price of LTC bounced off from this area as the price rallied to reclaim the 50 EMA acting as strong support for the price of LTC.

If the price of LTC holds above $60, we could see the price rally to a high of $65-$70 in no time.

Price Analysis Of GMX On The Daily (1D) Chart

Daily GMX Price Chart | Source: GMXUSDT On Tradingview.com

The price of GMX was rejected from its resistance of $48 and is currently trading at $39.

GMX has maintained its bullish structure despite the rejection and market turmoil that has affected most crypto projects. The price of GMX needs to hold above the region of $35 to avoid the price going lower.

Top 4 Altcoins- Price Analysis Of Chiliz (CHZ) On The Daily (1D) Chart

Daily CHZ Price Chart | Source: CHZUSDT On Tradingview.com

The price of CHZ has continued to show bullish trends holding well above the 50 EMA. 

Despite the pullback across crypto assets in the market, CHZ has continued to look strong, respecting the bullish trendline.

The price of CHZ broke the resistance at $0.236, a close above this region could send the price to a region of $0.3.

Featured image from zipmex, Charts from TradingView.com

Posted on

Consultancy Uncovers Best Altcoins To Profit From FTX Collapse

Eight, a cryptocurrency consultancy founded by Michaël van de Poppe in 2018, has uncovered the best altcoins that can benefit from FTX’s demise. According to analysts, recent events are promoting a narrative that is strongly associated with decentralization.

Following the FTX news, leading hardware wallet manufacturer Trezor and Ledger reported skyrocketing and record-breaking sales. This was also accompanied by the trend of massive amounts of Bitcoin (BTC) and ETH (ETH) being withdrawn from exchanges.

As Glassnode reported, Bitcoin investors have withdrawn a historic 106,000 BTC/month to self-custody following the collapse of FTX. This only compares to only three other times: April 2020, November 2020, and June-July 2022.

Which Altcoins May Benefit From FTX Collapse?

The altcoin market is often dominated by narratives or special trends. For example, in recent months and years, “Ethereum killers” and layer 2 solutions for Ethereum have been strong trends that have given investors above-average profits.

According to Eight, the new trend for the next few months could be decentralization.

In that sense, Eight’s first pick is GMX, a decentralized spot and perpetual exchange that supports low swap fees and trading without price impact.

As the analysts note, the advantage of decentralized exchanges is that traders do not have to deposit their coins on an exchange and are therefore not exposed to the security risks of a centralized exchange.

The GMX token is ranked 87th among all cryptocurrencies and has recorded a strong price increase of about 20% over the last seven days.

In a similar vein is the second recommendation, DYDX. The platform is also a decentralized exchange platform for cryptocurrency margin trading for assets such as BTC, ETH, SOL, DOT and more.

The DYDX token currently ranks 144th by market cap and is even posting a gain of about 30% over the past seven days.

With UNI, Eight lists another decentralized exchange token that it is far from being an insider’s tip anymore. The decentralized exchange made headlines in recent days as the daily trading volume of the ETH/USD pair on Uniswap was 500 million higher than on Coinbase. Uniswap came in 2nd behind Binance.

Another interesting decentralized exchange is PancakeSwap, which is based on the BNB chain and aims to provide a faster and cheaper alternative to Ethereum. CAKE currently ranks 66th, but unlike the others, it has recorded a slight loss over the last seven days.

What Else?

Lastly, Eight recommends not only decentralized exchanges, but also decentralized wallets. Specifically, we are talking about the Trust Wallet and the SafePal app. The former acts as an intermediary, connecting different blockchains through the use of its nodes.

It has a robust mechanism for sending, receiving and storing multiple cryptocurrencies, and currently supports over a thousand crypto coins.

The TWT token was trading at $1.15 a week ago and has skyrocketed over the past week. At press time, TWT was trading at $2.14.

In conclusion, the analysts said:

These are just some of the projects that represent alternatives to trading and custody services offered by centralized exchanges and witnessed increased rate of attention and user adoption after the bankruptcy of FTX. Therefore, we suggest that you add them on your watchlist!

Posted on

GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

  • GMX price continues to show bullish strength as price increases on all timeframes, as there is no sign of retracement. 
  • GMX is one of the arbitrum favorites listed on the Binance innovation trading interface. 
  • The price of GMX holds above support as price trends on the daily timeframe to create new all-time highs.  

GMX token (GMX) has continued to look bullish as the price trend week in week out on the Arbitrum network as GMX token gets listed on Binance innovative center. The price of GMX has seen a rosy start to its launch despite its emergence in the bear market; the price continues to trend and remain bullish even in the face of uncertainty in the market. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of GMX token (GMX) doing extremely well. (Data from Binance)

GMX Token (GMX) Price Analysis On The Weekly Chart

The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement. 

The price of GMX has continued to show its bullish strength despite being rejected from the $60 mark as the price tried to trend higher, creating a new all-time high.

After a rejection from $60, the price retested its support area of $37 as price quickly bounced off, rallying with great strength to $50. With the current bullish structure, GMX has continued to sustain it is just a matter of time before the price retests its all-time high.

The weekly price for GMX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. The news of the token being listed on the Binance innovation zone is a big plus for the price of GMX.

Weekly resistance for the price of GMX – $60.

Weekly support for the price of GMX – $37.

Price Analysis Of GMX On The Daily (1D) Chart
Daily GMX Price Chart | Source: GMXUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of GMX; despite losing its uptrend line, the price has continued to show great bullish strength to reclaim this region. 

The current price of GMX is $49.8 as the price continues to trade above 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for GMX price. The price at $40 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of GMX – $60.

Daily support for the price of GMX – $37.

Featured Image From zipmex, Charts From Tradingview

Posted on

GMX Token Top Arbitrum Network, How Far Can It Go?

The price of the GMX token has shown so much strength despite the downtrend across the market, with the GMX token eyeing a rally to its all-time high of $60. Bitcoin’s (BTC) price has shown less steam compared to recent times, this has affected most crypto assets, but this can not be said of GMX token. (Data from Coinex)

GMX Token (GMX) Price Analysis On The Daily Chart 

GMX token price has shown so much strength creating a higher high after hitting a low of $13; the price bounced off from this region and rallied to $55. 

The price of GMX rallied to a high of $55 but was rejected as this proved to be a resistance for GMX on the daily chart. 

GMX price dropped to a region of $35, forming daily support to hold off the price from selling. The price of GMX has continued to hold above support and build momentum to break above this region.

The price of GMX is currently trading above its support, with eyes set for more highs. 

Daily resistance for the price of GMX – $55.

Daily support for the price of GMX – $35.

Price Analysis Of GMX On The Four-Hourly (4H) Chart
Four-Hourly GMX Price Chart | Source: GMXUSDT On Tradingview.com

After falling from a high of $55, the price of GMX on the four-hourly timeframe has formed support at $30, holding the price of GMX from going lower as this has become an area of demand for GMX price.

The price of GMX has formed a bullish trendline acting as support for the price of GMX; as long as the price of GMX respects the trendline acting as support for its price, we could see the price of GMX going higher to a new high and possibly reaching its all-time highs.

If the price of GMX fails to hold this trendline and breaks below, we could see the price going lower to a region of $40, where it has formed support in the four-hourly timeframe before its rally.

Despite being rejected recently from the $55 mark, GMX price has continued to look bullish with more buy volume for this coin.

Four hourly (4H) resistance for the GMX price – $55.

Four hourly (4H) support for the GMX price – $40.

Price Analysis Of GMX On The One-Hour (1H) Chart
One-Hour GMX Price Chart | Source: GMXUSDT On Tradingview.com

The price of GMXon the 1H timeframe has continued to respect the trendline while creating higher highs; if the price of GMX continues its bullish structure, we could see GMX going past the $60 mark.

If the trendline supporting the GMX token is broken, we could see the price revisiting $43, just above the 200 Exponential Moving Average (EMA). The price of GMX is currently trading above the 50 and 200 EMA, acting as support for GMX’s price in the 1H timeframe.

The price of $47 and $43 corresponds to the 50 and 200 EMA values on the 1H chart.

The Relative Strength Index (RSI) for GMX on the 1H chart is above 60, indicating buy order volume for the GMX price.

One-Hourly (1H) resistance for the GMX price – $55.

One-Hourly (1H) support for the GMX price – $47, $43.

Featured Image From Currency, Charts From TradingView.com