A whale or institution transferred 267,000 GMX to Binance for sale six hours ago, worth $8.50 million

According to on-chain analyst Ember Monitoring, in early June, a whale or institution bought 302,000 GMX ($13.47 million) at $45 through 6 addresses, driving the price of GMX up 12% at the time.
Six hours ago, four of the whale/institution's addresses transferred a total of 267,000 GMX ($8.50 million) to Binance for sale. The price of GMX dropped 14% from $33 to $28. Bought at $45 in June and now selling at around $30, the whale/institution lost $4 million on GMX.