DEX Sensation: Ethereum Trader Makes $1 Million on GMX
The Lookonchain blockchain analysis platform has uncovered an instance where a trader achieved impressive gains of over $1 million by accurately predicting the price movements of Ethereum (ETH) on the decentralized exchange GMX.
This trader’s success story began on July 14th when they shorted ETH while it was trading near its recent peak of approximately $2,000. Skillfully navigating the market’s downturn last Thursday, they managed to secure a substantial profit nearing the $1 million mark.
In a subsequent strategic move, the same trader adopted a long position on Ethereum, entering the market at $1,624. As of the present moment, this trade has yielded a profitable return of $145,721.
At the time of writing, Ethereum is valued at $1,667. Over the last 24 hours, the cryptocurrency, ranked second by market capitalization, has experienced a minor decline of 0.75%. Furthermore, it has faced a downturn of more than 9.6% over the past week.
GMX stands out for its specialization in perpetual futures and its commitment to facilitating low swap fees and trades with minimal price impact. These attributes align with the objectives highlighted on the project’s official website.
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GMX’s decentralized exchange platform is actively operational on two blockchain networks: Arbitrum (ARB), an Ethereum scaling solution, and Avalanche (AVAX), a smart contract platform.
Despite this impressive success story, it’s important to note that not all traders on GMX shared the same level of prosperity. Lookonchain reports that a different trader who adopted a long position on Bitcoin (BTC) before the recent market crash finds themselves at a loss of around $1.07 million.
The data from GMX reveals that this trader continues to hold onto their position despite its current underwater status.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
