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.
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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