BitMEX co-founder and key crypto figure Arthur Hayes has recently offloaded $13 million in Ethereum (ETH), Pepe (PEPE), and Ethena (ENA). While this market sell-off may be linked to a broader crypto market decline, Hayes has shared other insights backing this cautious market move.
Behind Market Firesale: Hayes Sees BTC At $100,000, ETH At $3,000
In an X post on August 2, analytics company LookonChain reports that Arthur Hayes sold an estimated $13 million in crypto assets amidst a broader market correction. Notably, the offload consisted of 2,373 ETH valued at $8.32 million, 7.76 million ENA ($4.62 million), and 38.86 billion PEPE ($414,600), all sold within six hours.
Over the past 24 hours, Ethereum and PEPE prices have fallen by 2.70% and 3.03% in line triggered by Bitcoin’s fall below $113,000. Meanwhile, ENA is down by 10.98% following an initial standout performance between July 30-31, during which the DeFi token rose by 24%.
In explaining the rationale behind his firesale transactions, Arthur Hayes postulates that the global economy is heading toward a period of intensified macroeconomic pressure. He bases this theory on a convergence of factors, including the delayed financial impact of US tariffs now showing in Q3 and signs of labor market weakness as indicated in the release of recent non-farm payroll data.
Furthermore, Hayes also states that no major world economy is creating credit fast enough to boost nominal GDP growth. Therefore, there is the potential that the global system is vulnerable to deflationary pressure and a potential market repricing. Against this backdrop, Arthur Hayes anticipates a capital rotation away from volatile assets such as cryptocurrencies, which influenced his recent market offload.
In terms of price forecast, the BitMEX co-founder is expecting Bitcoin (BTC) to test $100,000 and Ethereum to return to the $3,000 level. If this prediction proves true, further widespread price corrections should be largely expected.
Crypto Market Overview
At the time of writing, the global crypto market cap stands at $3.62 trillion following general negative performance across major assets. Bitcoin, premier cryptocurrency and market leader, trades at $113,015, slipping 0.59% in the past 24 hours and down 4.31% over the week. In addition, Ethereum sees a sharper weekly decline of 9.43%, and is now priced at $3,414.
Meanwhile, the Altseason Index has dropped to 33, signaling fading momentum for alternative tokens. Bitcoin dominance (BTC.D) has risen to 61.7%, reflecting capital consolidation around BTC as altcoins lag. Overall, the market shows signs of cautious trading, with Bitcoin holding ground better than altcoins amid despite bullish sentiments remaining intact according to community data.
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