Tariff Worries Spur $13M Crypto Sell-Off by Hayes
BitMEX co-founder Arthur Hayes executed a $13M crypto sell-off over the weekend, offloading 2,373 ETH, 7.76M ENA and 38.9B PEPE.
Citing US tariff measures, weak nonfarm payrolls and slow credit growth as deflationary risks, he moved over 80% of proceeds into USDC stablecoin in this crypto sell-off.
On X, Hayes warned Bitcoin could test $100,000 and Ethereum revisit $3,000 amid heightened geopolitical strains and fading altcoin momentum.
The broader crypto market cap stands at $3.62T, with BTC down 4.2% weekly to ~$114K and ETH off 8.6% to ~$3,500.
Traders should monitor tariff developments, stablecoin flows and key employment data for market direction.
Bearish
Hayes’s sizable crypto sell-off and shift into USDC highlights growing macro and geopolitical concerns, exerting immediate downward pressure on ETH and other altcoins. In the short term, this signals heightened volatility and reduced risk appetite among traders. Over the longer term, renewed tariff developments and employment data will be key to market recovery, but current sentiment remains bearish.