Arkham Identifies Another GMX Trader with Multiple 50x Short Orders
While many people have been following the trading activities of Andrew Kang, a well-known crypto futures trader on the decentralized exchange GMX, Arkham, a market intelligence firm, thinks that there are other traders on the platform who are also worth watching.
On Friday, the crypto intelligence firm released a screenshot identifying the top 10 traders on GMX by volume in the past month. One of these traders, identified as 0xe20, placed multiple short positions yesterday, April 27, with extraordinary leverages between 40 to 50x.
This incredibly bold move with the high-risk leverage contract suggests that some traders are betting on further declines in the crypto market after Bitcoin (BTC) only gained about $2k within the past few days.
On Thursday, the Bitcoin and Ethereum (ETH) long position of Andrew Kang on the GMX trading platform was liquidated, incurring a loss of approximately $567k. A market tracking platform revealed that the trader had used extraordinary leverage of 41x.
Previously, Kang executed $2 million short orders for ETH and BTC on the GMX platform, with a 13x leverage. He reportedly made a profit of $1.5 million, representing a gain of 70%, since opening the position within a week. Shortly after that, he wrote on his wall:
Sometimes you’re bearish, but then you realize the market is about to hurt bears, so you gotta switch teams and jump in and add fuel to the fire.
Notably, most cryptocurrencies except Bitcoin have remained in the red zones since last week. BTC, however, has recovered slightly in the past 24 hours.
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