Crypto Whales and ‘Smart Money’ Now Accumulating One Ethereum-Based Altcoin: On-Chain Data

Crypto whales and investors are rapidly accumulating one Ethereum (ETH)-based exchange altcoin, according to on-chain data.

Blockchain-monitoring service Lookonchain says that, on Tuesday, three deep-pocketed investors scooped up a combined 69,919 of the native asset of the decentralized perpetual trading platform GMX (GMX).

The buys had an estimated total value of $5 million at the time.

“Whales and the SmartMoneys are accumulating GMX!

We noticed that two whales and one SmartMoney bought a total of 69,919 GMX ($5 million) today.”

Of the three buyers, one crypto whale made the largest purchase, picking up more than 52,000 GMX. The whale previously made a large buy of 14,117 GMX on March 21.

“Whale ‘0x9a76’ bought 52,159 GMX with 2,192 ETH ($3.76M) at a price of $72 today. Bought 14,117 GMX with 636 ETH ($1.15M) on March 21 at a price of $82.”

The second largest GMX buyer on Tuesday picked up 14,766 GMX for $68, per Lookonchain.

“Whale”0x7aff” bought 14,766 GMX with 585.5 ETH ($1 million)at a price of $68 today. Received 5,310 GMX ($359,000) from Binance on March 13 when the price of GMX was $68.”

Source: Lookonchain/Twitter

The third investor picked up 2,993 GMX when it was trading for $67.

Lookonchain notes the 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.

“A SmartMoney who always buys GMX at lows and sells at highs bought 2,993 GMX with 200K USDC at $67 today.

  1. buy 44,982 GMX at $45 and sell 18,782 GMX at $52
  2. buy 13,309 GMX at $46 and sell 23,309 GMX at $55
  3. buy 14,065 GMX at $64 and sell 15,065 GMX at $76.”

GMX is trading for $81.28 at time of writing.

Lookonchain noted 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.

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