In early June, a significant investor or institution made waves by acquiring 302,000 GMX tokens for $13.47 million at an average price of $45 through six separate addresses.

This substantial purchase drove GMX’s price up by 12%, reflecting the market impact of such a concentrated buy.

However, recent movements suggest the same entity has now exited its position, incurring heavy losses. Just six hours ago, four of their addresses transferred 267,000 GMX tokens, valued at $8.5 million, to Binance for liquidation. This sale caused GMX’s price to plummet from $33 to $28, marking a sharp 14% decline.

Further action followed as, in the last 15 minutes, the remaining 120,800 GMX tokens ($3.63 million) from one address were also moved to Binance for sale. This additional liquidation pushed the token’s price down from $30 to $28.5, exacerbating the downward pressure.

Over 380,000 GMX Tokens Offloaded By This Whale 

In total, the whale or institution offloaded 388,000 GMX tokens worth $12.13 million today. Despite the high transaction volume, the average sale price of $30 resulted in an estimated $5.82 million loss, given their initial purchase price of $45.

The large-scale sell-off not only erased substantial capital for the seller but also had a pronounced effect on GMX’s market price, shaking investor confidence. With the whale or institution seemingly out of the picture, attention now turns to GMX’s next price movement. Will the market rebound, or could further volatility lie ahead? Investors are keeping a close watch as the situation unfolds.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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