Arthur Hayes, the co-founder of crypto exchange BitMEX, has sold over $13 million worth of crypto assets, including ether (ETH), ethena, and pepe. Hayes has shifted substantial portions of his portfolio to USDC, now representing more than 80% of the $27.9 million in the wallet connected to him.
The data shows Hayes liquidated 2,373 ETH worth $8.32 million, 7.76 million ENA valued at $4.62 million, and 38.86 billion PEPE for $414,700. In a post on social media, he seemingly acknowledged his association with the wallet and indicated a bearish outlook for the cryptocurrency market.
Hayes speculated that the market could face difficulties due to the impact of tariffs from President Donald Trump, which took effect on Aug. 1 and are set to continue on Aug. 7, affecting significant trading partners.
In light of a weaker-than-anticipated U.S. jobs report, he argued that no major economy is expanding credit rapidly enough to support nominal GDP. Against this backdrop, he predicted that bitcoin could “test $100K” while ether might revisit the $3,000 mark.
The crypto market has seen a decline, losing over 7.5% of its value in the past week due to fading rate cut hopes. Bitcoin recorded a 3.9% drop and is currently priced at $113,500, while Ether experienced a 6.5% decrease and trades at $3,500. Rate cut prospects revived later following signs of labor market weakness.
Additionally, market tensions have escalated due to conflicts between the U.S. and Russia, with threats exchanged regarding a cease-fire ultimatum from the U.S. Meanwhile, despite the sell-off, Hayes has maintained a bullish outlook, stating a year-end target of $250,000 for bitcoin and $10,000 for ether.
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