Amber Group and Arca boost their GMX holdings as cryptocurrency market remains volatile

02/21/2023 08:31 • Blockchain Briefs • 86 views

It is reported that according to the monitoring of Lookonchain, Amber Group and Arca have been increasing their holdings in GMX in the past month. Amber Group received 122144 GMXs (current value of US $9.8 million) from the address of Qian’an Exchange in the past month, with an average receiving price of US $61.9. These 122144 GMXs have been transferred to three new addresses. Arca bought 42972 GMX with 2065 ETHs at an average price of about US $81.5 in the past three days, and 23476GMX with 1 million USDC at an average price of US $42.6 a month ago.

Lookonchain: Amber Group and Arca are increasing their holdings in GMX

Analysis based on this information:

The recent report from Lookonchain suggests that the Amber Group and Arca have increased their holdings in GMX amidst the volatile cryptocurrency market. Amber Group has reportedly received 122144 GMXs worth approximately $9.8 million from Qian’an Exchange over the past month. The average receiving price for these tokens was around $61.9, and the group has transferred them to three new addresses. Meanwhile, Arca purchased 42972 GMX by exchanging 2065 ETHs at an average price of $81.5 within the last three days. In addition, the group had also acquired 23476GMX with a million USDC at an average price of $42.6 one month ago.

The increase in holdings and purchasing of GMX by both Amber Group and Arca could potentially indicate a positive outlook for the future of this cryptocurrency. Despite the recent volatility of the cryptocurrency market, there seems to be a growing interest in GMX among institutional investors. It suggests that they have faith in this particular cryptocurrency to weather the current market conditions.

Moreover, this move by Amber Group and Arca aligns with the broader trend of institutional investors entering the crypto market. The recent uptick in institutional investments in cryptocurrencies such as Bitcoin and Ethereum has drawn the attention of many in the market.

It is also worth noting that the increasing interest of institutional investors in GMX could potentially lead to more mainstream adoption of this cryptocurrency in the future. As more prominent players enter the market, cryptocurrencies may slowly enter the mainstream consciousness and become more widely accepted.

In conclusion, the recent report from Lookonchain suggests that Amber Group and Arca have increased their holdings in GMX amidst the volatile cryptocurrency market. This move by institutional investors may signal a positive outlook for the future of this particular cryptocurrency, as well as indicate a broader trend of institutional investors entering into the crypto market.

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