Arthur Hayes, the founder of BitMEX and a prominent cryptocurrency investor, has increased his presence in the decentralized exchange platform GMX despite the recent market downturn.
According to on-chain data source EmberCN, Hayes was accumulating GMX tokens from March 2022 to September 2022, when he purchased 200,000 GMX for an average price of $44.7. It would then stake its tokens on the GMX platform, earning rewards and management rights.
In April of this year, the GMX price had reached the $90 mark. However, Hayes' GMX position also suffered as the crypto market experienced a sharp correction in June 2023. The token price has dropped to around $45, which is close to the entry price.
Instead of selling Hayes tokens, he decided to buy more GMX at this level. On June 10 and 11, he spent a total of 60 ETH ($105k) buying another 2,327 GMX at an average price of $45.
This was the first time Hayes added his GMX to his portfolio in nine months. It currently has 202,908 GMXs worth about $9.1 million at a current price of $44.99.
*Not investment advice.