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Key Insights:
- Arthur Hayes warned of a looming U.S. tariff bill and weak credit expansion across major economies, predicting short-term downside for BTC and ETH.
- Bitcoin’s recent surge from $112K to $115.8K lacked strong on-chain support, raising the risk of a sharp pullback.
- Despite near-term selling, crypto analyst Benjamin Cowen maintains a bullish long-term view on Ethereum price, expecting new all-time highs this year.
BitMEX co-founder Arthur Hayes has flipped from his previous bullish stance on crypto, while selling nearly $8 million worth of ETH in the market. Hayes has been offloading his holdings as he expects a further fall in Bitcoin and Ethereum prices moving ahead.
Both BTC and ETH have been under strong selling pressure in the last two days. Their weekly losses extended to 3.5% and 7% respectively.
Arthur Hayes Offloads Crypto Holdings, Warning Investors
According to on-chain data from Arkham Intelligence, BitMEX co-founder Arthur Hayes sold a sizable portion of his crypto portfolio over the past six hours, including 2,373 ETH, worth more than $8.32 million.
In addition to this, Hayes also offloaded 7.76 million Ethena (ENA) tokens worth $4.62 million, and 38.86 billion PEPE meme coins, worth $414,700.
Explaining the reason behind this sell-off, Hayes flashed a major macroeconomic warning moving ahead. In a statement, Arthur Hayes said the U.S. tariff bill is set to come due in Q3. This, coupled with non-farm payroll data, signals growing economic stress.
Hayes added that no major economy is currently expanding credit at a speed that is necessary to sustain the nominal GDP growth. Despite the short-term caution, Hayes remains bullish long-term.
He forecasted the Bitcoin price to retest $100,000. Besides, he also expects the Ethereum price correction to extend to $3,000.
Just two weeks back, Hayes shared the Bitcoin price target of $250K by the year-end. Although the BitMEX co-founder has been predicting quantitative easing measures, Fed Chair Jerome Powell has refused to budge by holding interest rates higher.
Analysts Back Arthur Hayes’s Bitcoin Price Prediction
Amid the current BTC selling pressure, Arthur Hayes is not alone in predicting a Bitcoin price correction.
CryptoQuant analyst Maartun noted that back in July, Bitcoin price gave a quick surge from $112,000 to $115,800 in a sharp intraday move. However, he added that the structure behind this was inherently weak.
“The move happened so quickly that no support levels were formed along the way,” Maartun noted. Additionally, on-chain data reveals minimal trading activity in the $112K–$115.8K range. This suggests that at the current price of $113,000, there’s a lack of strong buyer interest or demand.
On Friday, August 1, spot Bitcoin ETFs witnessed massive outflows of $821 million, led by Fidelity’s FBTC with $33a million in outflows. Ark Invest Bitcoin ETF (ARKB) also saw outflows of a similar magnitude at $327million.
Ethereum Price Correction Extends
Following the rejection at $4,000, Ethereum price has also come under strong selling pressure and is currently testing the support at $3,500. Crypto analyst Benjamin Cowen has outlined two possible short-term scenarios for Ethereum.
Cowen stressed the importance of the $4,000 breakout in August. Cowen noted that a successful move above $4,000 this month could pave the way for further gains later in the cycle. However, he said that there could be a possible retest taking place in September.
However, if the Ethereum price fails to break past $4,000, it could find the next stop at its bull market support band. This could further lead to a higher low in September. Despite the near-term uncertainty, Cowen remains bullish on Ethereum’s long-term outlook.
“My base case remains that ETH sees all-time highs this year, but the path to get there is difficult to predict exactly,” he stated.
Amid all the uncertainty, the demand for ETH as a treasury asset remains high. SharpLink Gaming purchased an additional 26,000 ETH, worth nearly $100 million, As a result, its total ETH holdings have surged to 464,000 coins. The company is on a massive Ethereum buying spree over the past two months.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
