3 - 6 minute read
The decentralized exchange GMX is seeing a growing number of traders positioning themselves long on Bitcoin (BTC) and Ethereum (ETH) while others still hesitate with uncertainty. Lookonchain, a blockchain tracking firm, revealed that three of the most profitable traders on GMX are currently long on BTC and ETH, and the reasons behind their strategy are clear.
One of the traders on GMX with a 70% win rate went long on Bitcoin at $28,000 and Ethereum just above $1860. With 78 trades and 55 wins, his rate of winning was only 70.51%. However, his portfolio grew to $1,420,115. He is currently long BTC and ETH with entry prices of $28,090 and $1,861, respectively. Such a move by top-performing traders could signal a broader shift in sentiment for the industry.
Another high-performing trader followed a similar strategy regarding BTC and ETH. He has a 57.65% win rate with 170 trades and 98 wins, leading to an impressive portfolio worth $1,380,206. He is currently also long on BTC and ETH with entry prices of $28,141 (BTC) and $1,859 (ETH) respectively.
A third trader with a fantastic 90% win rate took a more bullish approach on ETH, investing at $1,888. He made $65,875 through 240 trades and winning 216 of them. He is currently long on ETH and his entry price is $1,888.
This trend of traders positioning themselves long on BTC and ETH could suggest a turning point in the market. While many investors are still cautious and wary of the volatility of cryptocurrencies, these experienced traders seem to have found a pattern in the recent market activity. It could be that Bitcoin and Ethereum are regaining favor, and traders are looking to take advantage of this trend.
Looking closely at these traders’ strategies, there are several important lessons for those seeking to follow in their footsteps. The traders made many trades before becoming profitable. It’s evident that perseverance and following a specific strategy can lead to profitability in the long run. One piece of advice for new traders is to avoid following hype and short-term trends. Instead, taking a longer-term perspective could be more beneficial.
Top-performing traders on GMX are opening long positions on BTC and ETH. According to blockchain tracking firm Lookonchain, three of the most profitable traders are currently long on BTC and ETH. It’s essential to take the long-term perspective and avoid following hype and short-term trends. By implementing a specific strategy and sticking to it, traders could achieve profitability in the long run.
