BitMex Founder Arthur Hayes Sells Crypto Holdings, Cites Economic Concerns
Arthur Hayes, the founder of BitMex, has made headlines by selling a portion of his cryptocurrency holdings. The move, which occurred on Friday, was followed by an explanation from Hayes on social media platform X (formerly Twitter).
While on-chain data doesn’t reflect Bitcoin transactions, Hayes anticipates a potential dip for the leading cryptocurrency, suggesting it could test the $100,000 support level. This represents a possible 12% decrease from its current price.
Hayes believes this potential downturn could impact other cryptocurrencies as well.
Hayes’ Crypto Sales Total Millions
Lookonchain reported that Arthur Hayes sold off at least $13.4 million worth of cryptocurrency, including Ethereum, Ethena, and Pepe.
“Arthur Hayes (@CryptoHayes) sold 2,373 $ETH ($8.32 million), 7.76 million $ENA ($4.62 million) and 38.86 billion $PEPE ($414.7k) in the past 6 hours.”
The sales occurred following a drop in Bitcoin and other cryptocurrencies, triggered by the release of U.S. jobs data. The report revealed weaker-than-expected figures for July, along with downward revisions for May and June.
Hayes specifically cited these figures as the reason for his sales, predicting market pressure in the coming months.
“Why [did I sell]? The U.S. Treasury bill bonanza hits in Q3… at least that’s what the market believes after the NFP print,” Hayes stated. “No major economy is creating credit fast enough to juice nominal GDP.”
“So $BTC tests $100k, $ETH tests $3k. See more at my keynote at @WebX_Asia in Tokyo on August 25th. Back to the beach.”
Currently, Bitcoin is trading around $113,200, and Ethereum is at $3,500. Hayes’ prediction would mean a 12% drop for Bitcoin and a 14% drop for Ethereum.
U.S. Jobs Data Shifts Hayes’ Outlook
The sale of Ethereum and other cryptocurrencies signals a change in Arthur Hayes’ market perspective. Just 11 days prior, he had recommended buying ETH.
At that time, Hayes advised, “buy first, ask questions later,” explaining that ETH was “about to rip faces.”
This reversal highlights the significant impact of the U.S. jobs data and underscores the dynamic nature of the cryptocurrency market. Short-term traders must closely monitor both internal and macroeconomic events.
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