Coinspeaker
Arthur Hayes $10M GMX Unstaking Shakes Market: Investors Unphased as Price Recovers

Co-founder of BitMEX Arthur Hayes caused bearish fallout for GMX price this morning after unstaking 237,672.8 GMX, worth almost $10 million, and transferring it to the market maker of NFT marketplace Blur.

Hayes was set to make over $3 million in profit from the potential selloff, as reported by Lookonchain. The market responded quickly, resulting in a sharp 10% price drop as GMX fell from highs of around $41 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 the lack of a confirmed selloff by Hayes, GMX price saw some recovery, finding some stability a few hours later around the $39 mark. This price stability could be attributed to GMX investor enthusiasm in what one user described as “a bit like the price of...