According to blockchain tracker Lookonchain, a trader on the decentralized exchange GMX earned over $1 million by correctly predicting Ethereum's price movements over the past few weeks. The trader shorted ETH on July 14th when it was trading near $2,000 and closed the position after the market crash last Thursday.

The trader then went long on Ethereum with an entry price of $1,624 and is currently making a profit of $145,721 on that position. However, not all GMX traders were as successful, as one trader who went long on Bitcoin before the market crash had lost around $1.07 million at the time of writing.