Institutional Crypto Companies Accumulating Significant Quantities of Ethereum-Based Decentralized Exchange Token

According to on-chain data from the Arbitrum blockchain, two crypto businesses are amassing significant quantities of a rapidly increasing decentralized exchange (DEX) coin.

According to blockchain tracker LookOnChain, crypto financial service provider Amber and crypto institutional asset management Arca are acquiring GMX, the popular DEX based on Arbitrum.

LookOnChain avers, “The Amber Group and Arca have been amassing GMX, which we have detected. Amber Group acquired 122,144 GMX ($9.8M) from Binance, although Arca purchased 66,448 GMX ($4.4M) from a DEX.

Amber Group got 122,144 GMX ($7.56M at the time) from Binance one month ago at an average price of $61.9. These 122,144 GMX messages were forwarded to three new destinations.”

According to LookOnChain, Arca, which managed $500 million in assets as of October 2021, had purchased approximately $3.5 million worth of GMX in the previous three days alone.

“Arca has spent $3.5M buying 42,972 GMX over the previous three days, spending 2,065 ETH at an average price of $81.5.

A month ago, I purchased 23,476 GMX with 1 million USDC at an average price of $42.6.” GMX was one of the few crypto assets on the market to end 2022 in the black, and it has surged significantly since the beginning of the new year.

GMX is up 80% since the beginning of 2023, trading at $76.21 with a market valuation of $646 million at the time of writing.

According to the blockchain analytics platform Dune Analytics, BitMEX creator and crypto veteran Arthur Hayes is the fifth biggest GMX holder at the present time. Hayes has previously referred to GMX in his portfolio as a “super-powered” cryptocurrency.

Also Read: Benjamin Cowen Forecasts Bitcoin Price in 2023 Using Crucial On-Chain Signal