Blockchain tracker Lookonchain finds that a trader using the decentralized exchange (DEX) GMX<\/a> made more than $1 million by accurately predicting Ethereum\u2019s (ETH<\/a>) price action over the past several weeks.<\/p>\n Lookonchain notes<\/a> 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.<\/p>\n The trader subsequently went long on Ethereum with an entry price of $1,624 and is making<\/a> a $145,721 profit on that position at time of writing.<\/p>\n<\/p>\n 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.<\/p>\n GMX specializes in perpetual futures and aims to provide low swap fees and low-price impact trades, according to the project\u2019s website<\/a>.<\/p>\n The DEX is currently live on the Ethereum scaling solution Arbitrum (ARB<\/a>) and the smart contract platform Avalanche (AVAX<\/a>).<\/p>\n Not all GMX traders were as successful as the one mentioned above, according to Lookonchain. A different trader went long<\/a> on Bitcoin (BTC<\/a>) before the market crashed last week and had lost<\/a> around $1.07 million at time of writing. Data from GMX shows that the trader is still holding the underwater position.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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