Arthur Hayes, the co-founder of crypto alternate BitMEX, has offloaded greater than $13 million value of crypto holdings, together with ether (ETH), ethena
, and pepe .
Information from Arkham Intelligence reveals Hayes offered hundreds of thousands value of those cryptocurrencies and moved to build up USDC, with the stablecoin now making up over 80% of the $27.9 million within the handle related to him.
The handle offered 2,373 ETH value $8.32 million, 7.76 million ENA valued at $4.62 million, and 38.86 billion PEPE for $414,700. In a submit on X, he seemingly confirmed he’s behind the handle and pointed to a bearish situation for the crypto house.
Hayes urged that markets will take a success from the impression of President Donald Trump’s tariffs, a few of which got here into impact on Aug. 1 and others are approaching Aug. 7, which have an effect on key buying and selling companions.
Mixed with a weaker-than-expected U.S. jobs report, he argued that no main economic system is increasing credit score quick sufficient to spice up nominal GDP. Towards this backdrop, he predicted bitcoin may “take a look at $100K” whereas ether will revisit $3,000.
Y? US Tariff invoice coming due in 3q … not less than the mrkt believes that after NFP print. No main econ is creating sufficient credit score quick sufficient to spice up nominal gdp. So $BTC exams $100k, $ETH exams $3k. Come see my @WebX_Asia Tokyo keynote Aug 25 for more information. Again to the seashore. https://t.co/zuHlwgQKC7
— Arthur Hayes (@CryptoHayes) August 2, 2025
The crypto market, as measured by the CoinDesk 20 (CD20) index, misplaced greater than 7.5% of its worth over the previous week as fee lower hopes light. Bitcoin outperformed the broader market with a 3.9% drop, and is now standing at $113,500.
Equally, Ether noticed a 6.5% drop in the identical interval and now trades at $3,500. Whereas fee lower hopes dimmed on Friday, later within the session they surged after the labor market confirmed indicators of weak spot. Polymarket merchants are actually weighing a 70% probability of a fee lower in September.
The market can also be dropping as tensions between the U.S. and Russia escalate. After former Russian President Dmitry Medvedev threatened the U.S. in response to an ultimatum on Moscow to comply with a cease-fire, Trump mentioned he ordered two nuclear submarines to maneuver to the “acceptable areas.”
Regardless of the sell-off, Hayes might stay bullish. In a submit final month, he mentioned his year-end goal for the value of bitcoin was $250,000, whereas he noticed ether rise to $10,000.
