Renowned cryptocurrency investor Arthur Hayes has reportedly divested his holdings in GMX, marking the end of his two-year tenure as the coin’s largest holder. In the past 24 hours, trading volume for $GMX has surged significantly, soaring by over 400%. However, market data suggests that selling pressure outweighs buying sentiment, resulting in an 8% decline in the token’s value over the past week and a notable 29% drop over the past month. According to reports from the cryptocurrency analytics platform Lookonchain, Hayes, the founder of BitMEX, has unstaked a substantial amount of 237,672.8 GMX tokens, valued at nearly $9.7 million.
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