Smart Money Accumulating Ethereum-Based Altcoin GMX, On-Chain Data Shows

According to blockchain-monitoring service Lookonchain, there is a rush of accumulation by crypto whales and investors in the Ethereum-based exchange altcoin GMX. On Tuesday, three deep-pocketed investors purchased a total of 69,919 GMX, the native asset of the decentralized perpetual trading platform GMX, with an estimated total value of $5 million at the time.

Buyers and their Purchases

• One crypto whale, identified as '0x9a76', made the largest purchase of 52,159 GMX with 2,192 ETH ($3.76M) at a price of $72 on Tuesday. The same whale had bought 14,117 GMX with 636 ETH ($1.15M) on March 21 at a price of $82.
• The second-largest GMX buyer was '0x7aff', who picked up 14,766 GMX for $68 on Tuesday. On March 13, this buyer had received 5,310 GMX ($359,000) from Binance when the price of GMX was $68.
• The third investor bought 2,993 GMX when it was trading for $67 on Tuesday.

Pattern of a SmartMoney Investor

Lookonchain also noted that a SmartMoney investor who always buys GMX at lows and sells at highs purchased 2,993 GMX with 200K USDC at $67 on Tuesday. This investor has a pattern of buying GMX at a low value and selling at a higher value, highlighting three other GMX transactions at other times:

• Bought 44,982 GMX at $45 and sold 18,782 GMX at $52
• Bought 13,309 GMX at $46 and sold 23,309 GMX at $55
• Bought 14,065 GMX at $64 and sold 15,065 GMX at $76

Current Trading Value

At the time of writing, GMX is trading for $81.28. Lookonchain had reported in February that BitMEX founder Arthur Hayes had bought hundreds of thousands of GMX tokens last year and had seen a profit of more than $8 million at that time.