GMX (GMX)

Bubblemaps V2 is now live on Arbitrum

First thing I did was pull up $GMX and the breakdown is fascinating.

Cluster 1 holds 89.48% across 435 wallets, but when you dig into it, it makes sense. The GMX protocol contract itself sits at #1 with 56.07%, followed by GMX_LockboxAdapter at 6.43%, Uniswap V3 Pool at 2.53%, and the Staked GMX contract at 2.33%. This isn’t whale manipulation, it’s protocol-owned and staked supply doing what it’s supposed to.

What’s more interesting is the exchange exposure. Inside the cluster you’ve got OKX at 1.40%, Binance Hot Wallet at 1.02%, Gate_io at 0.63%, and Kraken Cold Wallet at 0.50%.

Scroll further and it gets even more diverse; Bybit, Bitvavo, Bitget, MEXC, Bitpanda, HTX all showing up as holders. Literally every major CEX has $GMX exposure.

Also spotted a MON Airdrop entry and kride.eth, which adds a retail layer on top of all the institutional presence.

The picture here is clean. No hidden clusters, no suspicious wallets dominating - just a mature, widely distributed token with deep exchange and protocol backing.

This is what healthy on-chain distribution looks like

Check it yourself → https://t.co/BaA7amYIpo 🫧

I missed the best LP benchmark in DeFi.

@JasonvuTech from @brownfiamm told me something I didn't know: @GMX_IO, the first perpetuals protocol to popularize revenue sharing, benchmarks its pools against @Uniswap v2.

The outperformance charts are public and the gap is insane. I've been using the wrong reference point entirely.

> I honestly don't know if there are structured products on top of GMX that hedge the 50% volatile exposure. Do you?

BrownFi v2's original pitch was that LPs earned more than simply holding the underlying 50/50 pair. That worked well until October's crash, where it basically stopped.

> BrownFi v3 is adding more customization layers with the explicit goal of competing against both benchmarks; not just v2 but GMX too.

The benchmark was always there. I just wasn't looking at the right chart.

Did you know in early Sept 2022, GMX was up 221% while BTC was down 57% at the same point in the bear market?

I keep seeing these calls for a new era in crypto markets, where good tokens and teams aren't held prisoner by their correlation to BTC.

I want this too, my frens. So badly.

But this pattern of outperformance and calls for celebrating, it is not new. In fact, it's eerily similar to what we saw last bear market.

So imo, not a whole lot has changed this time around.

Let me take you down memory lane in 2022...

GMX: It is the clearest example of this outperformance narrative I can recall. GMX was only down ~23% from its ATH during the 2022 bear market where most tokens lost 80-90%. After falling to a low around $25 following FTX's collapse in Nov 2022, GMX rallied~90% into year-end while the overall crypto market was cooked, down more than 60% for the year. The narrative for self-custodial onchain perps was growing in the aftermath of FTX's failing. And GMX was the hottest token for its fee revenue. (see chart below, GMX was the hottest thing ever, I remember losing my mind over what they represented to real DeFi adoption, better tokenomics, and their insane performance while BTC was at new year lows, sub-$30k).

LDO: Another one of the best narrative trades during the 2022 bear market! In July 2022, LDO gained ~375% in a single month after Ethereum devs confirmed The Merge would happen in Sept 2022. Then, LDO had a second shorter run, in early Jan 2023 as the Shanghai upgrade (enabling staked ETH withdrawals) drew closer.

RPL: Similar liquid staking narrative as LDO but less dramatic, and shorter run of outperformance, while BTC languished. For example, in early 2023, RPL gained ~23% while BTC was mostly flat. RPL also had a strong run heading into The Merge in summer 2022 for same reasons as LDO.

I'm still ultra bullish HYPE and I'm sure as hell not shorting any of the big movers lately like ZEC, NEAR, VVV but I'm just reminding you: these are normal bear market things happening. FYI: I would disclose shorts if I had them open.

I sincerely hope all your bags go up 😉 But this is a small reality check from someone who's lived through these crypto market cycles over and over and I am kinda surprised how shocked some are that any tokens are doing so well while BTC, and most of the crypto majors have been in downtrend since Oct 2025.