Arthur Hayes, former BitMEX CEO and a well‑known voice in the digital asset space, has sold over $13 million in Ethereum (ETH), PEPE, and Ethena (ENA) amid a broader market pullback. The move coincides with a rising tide of bearish sentiment among sophisticated holders and signals potential price pressure across the crypto markets.
Hayes offloaded 2,373 ETH (≈ $8.32 million), followed by 7.76 million ENA (≈ $4.62 million) and 38.86 billion PEPE tokens (≈ $414,700), according to data from Arkham and Coin Edition’s reporting today.
In a tweet, Hayes cited macro headwinds such as upcoming Q3 tariff liabilities and weak U.S. jobs data as justification for the sell‑off, warning that Bitcoin may revisit $100,000 and Ethereum could test $3,000.
This sale coincides with a wider downturn: Bitcoin and Ethereum spot ETFs saw steep outflows—with Bitcoin ETFs losing over $800 million in net redemptions on August 1 alone, the second‑worst day of 2025. Equity markets also slumped as investors moved into risk‑off mode, dragging crypto valuations lower.
Bitcoin recently failed to break through the $120K–$123K zone and is consolidating around $114K, reinforcing hesitation at key resistance levels. Ethereum, after climbing toward $3,900, retraced sharply amid profit‑taking.
On‑Chain Signals and Whale Activity
On‑chain tracking reveals other large holders are also exiting. One wallet transferred over 26,000 ETH ($94M) to centralized exchanges in the past 48 hours. Conversely, new wallets have bought more than 808,000 ETH ($2.85B) since early July, suggesting some accumulation at lower prices. SharpLink Gaming has also added significantly to its holdings, acquiring nearly 15,000 ETH (~$52.5M) via OTC platforms.
These conflicting flows reflect a divided market: short‑term holders pulling profit, while long‑term or institutional actors buy the dip.
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Hayes’ Macro View: Tariffs and Weaker Job Growth
Hayes framed his move in macroeconomic terms, pointing to anticipated Q3 tariff installments and subpar non‑farm payroll figures. He stated that major economies aren’t creating credit fast enough to support nominal GDP growth. Based on this outlook, he predicts BTC could revisit $100K and ETH slide toward $3,000. His tone was measured, not panicked—but cautious enough to prompt reflection from traders and investors.
Hayes isn’t alone in calling for caution. Technical analysts note Bitcoin’s repeated rejection at $120K and Ethereum’s failure to sustain gains above $3,800. Liquidation events, overbought signals, and ETF outflows indicate limited near‑term upside.
Still, longer‑term bull proponents argue that interest from institutions—buying at lower levels—suggests accumulation in anticipation of future gains. Some analysts even view current consolidation as a healthy reset, positioning ETH for a potential rebound toward $4,000 and beyond in the coming months, backed by DeFi growth and regulatory clarity.
If Hayes’ predictions materialize, Bitcoin could revisit $100K—a price some investors consider a strong support level. Ethereum’s dip toward $3K may test the conviction of mid‑term holders. For traders, this period may offer tactical opportunities accepting tight risk management and watching on‑chain activity closely.
Long‑term investors should weigh whether current accumulation by institutions signals broader confidence. As macro developments unfold—such as tariff announcements or incoming economic data—the market could pivot sharply in either direction.
