Coinspeaker
Arthur Hayes $10M GMX unstaking shakes market: Investors remain unphased as price recovers
Arthur Hayes is the co-founder and former CEO of BitMEX. He caused a fallout in GMX prices this morning by unstaking almost $10 million worth of GMX. The GMX was then transferred to Blur’s market maker, who runs NFT marketplace Blur.
Hayes could make over $3,000,000 in profit on the sale. reported Lookonchain. The market reacted quickly and GMX dropped from a high of $41 down to $37.
Photo: CoinMarketCap
The unstaked GMX tokens cannot be tracked to confirm Hayes did in fact sell them, but the significant selloff that followed is indicative that he did.
Investors GMX Sentiment Unshaken
Despite Hayes not having confirmed a selloff, GMX prices recovered, stabilizing around $39 a few minutes later. This price stability could be attributed to GMX investor enthusiasm in what one user described as “a bit like the price of ETH during the FTX debacle. I’m buying more.”
One of the largest holders sent his bags of GMX to a market-maker. The most logical conclusion is that he may be selling.
What is the reason for price stability?
