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Arthur Hayes, the iconic crypto investor has allegedly sold off his stake in GMX, a move that will effectively end his two-year dominance as the coin’s largest holder.

Arthur Hayes bags loss on GMX

According to data from the crypto analytics platform Lookonchain, the BitMEX founder unstaked 237,672.8 GMX tokens valued at approximately $9.7 million. These tokens were reportedly moved to Wintermute, and Lookonchain projected that Hayes could make as much as $3.2 million, seeing as his buying price for these offloaded tokens was $29.74.

In other reports, Arthur Hayes might have also bagged a loss of $205,000 from the sale of 41,000 GMX sold recently. He reportedly sent these tokens worth about $1.68 million to centralized exchanges (CEXes) at a selling price of $40. The perceived losses came as the average buying price of these tokens was $45.

Arthur Hayes is known as a trader with a rich history of profits and losses on his crypto bets. As reported earlier by U.Today, the veteran investor achieved a $1.45 million profit when he offloaded 500,000 PENDLE tokens back in early February.

Following the recent offloading of the GMX bag, Arthur Hayes still boasts of a sizable chunk of Ethereum (ETH), Arbitrum (ARB) and PENDLE.

Altcoin season fully here

With Bitcoin in recovery mode after retesting the $70,000 price benchmark, the majority of the altcoins now reentered their bullish zone to depict the reemergence of the altcoin season. 

Despite Arthur Hayes's offloading, the price of GMX has retained its resilience, up by 1.3% to $40.30. The token’s trading volume has jumped by over 380% to $49,567,411.

To solidify the altcoin season thesis, tokens like Shiba Inu (SHIB) have also seen many growth metrics jump to start the week on a bullish footing.