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Home»Analysis»GMX Trader Makes Over $1 Million Shorting and Then Longing Ethereum During Crypto Market Crash: On-Chain Data
Analysis

GMX Trader Makes Over $1 Million Shorting and Then Longing Ethereum During Crypto Market Crash: On-Chain Data

2023-08-22No Comments2 Mins Read
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Blockchain tracker Lookonchain finds that a trader using the decentralized exchange (DEX) GMX made more than $1 million by accurately predicting Ethereum’s (ETH) price action over the past several weeks.

Lookonchain notes the trader shorted ETH on July 14th, when it was trading near a recent high at around $2,000, and then the trader closed the position after the market crashed last Thursday, making nearly $1 million.

The trader subsequently went long on Ethereum with an entry price of $1,624 and is making a $145,721 profit on that position at time of writing.

Image

ETH is trading at $1,667 at time of writing. The second-ranked crypto asset by market cap is down 0.75% in the past 24 hours and more than 9.6% in the past seven days.

GMX specializes in perpetual futures and aims to provide low swap fees and low-price impact trades, according to the project’s website.

The DEX is currently live on the Ethereum scaling solution Arbitrum (ARB) and the smart contract platform Avalanche (AVAX).

Not all GMX traders were as successful as the one mentioned above, according to Lookonchain. A different trader went long on Bitcoin (BTC) before the market crashed last week and had lost around $1.07 million at time of writing. Data from GMX shows that the trader is still holding the underwater position.

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Crash Crypto Data Ethereum GMX Longing market Million OnChain shorting Trader
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tether
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bnb
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solana
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usd-coin
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dogecoin
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staked-ether
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tron
TRON (TRX) $ 0.316375
bitcoin
Bitcoin (BTC) $ 115,377.91
ethereum
Ethereum (ETH) $ 3,638.48
xrp
XRP (XRP) $ 3.08
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 762.49
solana
Solana (SOL) $ 178.56
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.226655
staked-ether
Lido Staked Ether (STETH) $ 3,631.75
tron
TRON (TRX) $ 0.316375