ChainCatcher message, on-chain data analysis shows that at the beginning of June, a whale or institution accumulated 302,000 GMX through 6 addresses at an average price of $45, with a total value of $13.47 million. This move had previously driven the price of GMX up by 12%.

However, 6 hours ago, 4 addresses of that whale or institution transferred 267,000 GMX to Binance for sale, causing the price of GMX to plummet from $33 to $28, a decline of 14%.

From the purchase in June to the current sale, this whale or institution has incurred a total loss of approximately $4 million on GMX, reflecting the risks and challenges of market volatility.