Arthur Hayes Sells Over $13 Million in Crypto Holdings for USDC
Arthur Hayes, co-founder of BitMEX, sold over $13 million in cryptocurrencies, including ETH, ethena (ENA), and pepe (PEPE). He shifted to USDC, which now constitutes over 80% of the $27.9 million in his associated address.
- Sold 2,373 ETH for $8.32 million
- Sold 7.76 million ENA valued at $4.62 million
- Sold 38.86 billion PEPE for $414,700
Hayes indicated a bearish outlook for crypto, citing potential impacts from President Trump's tariffs and a weak U.S. jobs report. He predicts bitcoin could "test $100K" and ether may revisit $3,000.
The crypto market's value dropped over 7.5% in the past week, with bitcoin down 3.9% to $113,500 and ether down 6.5% to $3,500. Rate cut hopes surged after signs of labor market weakness, with Polymarket traders estimating a 70% chance of a rate cut in September.
Geopolitical tensions are also affecting the market, with escalating threats between the U.S. and Russia. Despite recent sell-offs, Hayes previously set a year-end target of $250,000 for bitcoin and $10,000 for ether.