02.08.2025 09:52

A significant cryptocurrency market downturn occurred, with Ethereum experiencing a dramatic 5% drop within 24 hours, leading the overall sell-off. This decline was compounded by Arthur Hayes, the influential BitMEX co-founder and analyst, liquidating a substantial portion of his cryptocurrency portfolio.

Hayes' divestment involved a considerable sum: approximately $8.32 million in Ethereum (2,373 ETH), $4.62 million in ENA tokens (7.76 million), and $414,700 in PEPE tokens (38.86 billion), all transacted within a mere six-hour period. This unexpected move, from a figure renowned for his astute market predictions, sparked considerable speculation.

Hayes' rationale for this sell-off stems from a pessimistic economic forecast. He highlighted the looming pressure of Q3 tariff payments in the US and cited weak non-farm payroll data indicating slowing job growth as significant contributing factors to market instability. Furthermore, he emphasized the insufficient credit expansion in major economies to support nominal GDP growth.

This bearish outlook led Hayes to predict that Bitcoin will retest the $100,000 mark and Ethereum will revisit $3,000. This prediction aligns with current short-term technical indicators showing Bitcoin's struggle to break above the $120,000-$123,000 resistance level. His views were further elaborated upon in a keynote speech he delivered in Tokyo. The information regarding his speech was sourced from internet sources.