How Arthur Hayes Became the Largest Individual Holder of GMX

Lookonchain stated that Hayes claimed rewards of 344.5 ETH, worth $558,090 and 12,405 $esGMX (Escrowed GMX), worth $818,744.

Hayes Predicted Market Bottom

The former CEO of BitMEX also warned of a “global financial crisis” on the back of problems with the U.S. economy. Hayes said in a blog post last month: “Bitcoin will likely crash back down towards previous lows,” if the Fed pivots.

He also predicted that the crypto market is bottoming out. Hayes outlined the causes of the decline in bitcoin markets over the previous 12 months. He claimed last year’s booming crypto markets were fueled by an increase in stimulus funding brought on by the relief of the coronavirus.

Hayes was also an Ethereu skeptic in the past, who often commented about other crypto assets. He had also gone ahead to call Solana a “complete and utter sh*tcoin.” While Solana was hit with network blackouts, high-profile bankruptcies shook the entire market last year. Months after the 3AC debacle, FTX’s implosion negatively hit global crypto capitalization. Therefore, Hayes’ GMX holding reflects his bullish outlook for the perpetual contract trading platform.

“Looking forward, pretty much anyone who could go bankrupt has gone bankrupt,” Hayes said in a recent blog post. 

Notably, the global cryptocurrency market cap spiraled down from Dec. 2021, wiping off a trillion from its capitalization. At the time of writing, the cumulative cap stands at $1.1 trillion on CoinGecko. 

Bitcoin is tagging at the $22,000 levels at press time. According to the platform, GMX is hovering close to $66 at the time of writing. The 24-hour trading volume is close to $65 million.