Hayes Sells $13M in ETH, ENA, PEPE; Warns BTC $100K, ETH $3K
BitMEX co-founder Arthur Hayes executed a $13.35M crypto sell-off, offloading 2,373 ETH, 7.76M ENA, and 38.86B PEPE across major exchanges. Arthur Hayes warns this crypto sell-off is not over, predicting Bitcoin (BTC) could retest $100,000 and Ethereum may slide to $3,000 amid fading credit growth, the US tariff bill expiry, and weak nominal GDP. Over 24 hours, ETH fell 5% below $3,600, while ENA and PEPE dipped around 2% after ENA’s prior 40% surge to $0.70 following the USDtb stablecoin launch and a $260M buyback. Friday’s downturn, triggered by new US tariffs and Bitcoin’s drop to $113,000, fueled risk-off sentiment. Crypto traders should brace for heightened market volatility as this bearish outlook may dampen short-term sentiment.
Bearish
Arthur Hayes’ sizeable sell-off of ETH, ENA, and PEPE adds substantial selling pressure to already weakening markets, reinforcing bearish sentiment. His prediction that Bitcoin could retest $100,000 and Ethereum may fall to $3,000 amid macro headwinds—fading credit growth, US tariff risks, and sluggish nominal GDP—further dampens trader confidence. In the short term, this combination of heavy outflows and negative forecasts is likely to spur heightened volatility and downside risk. Over the longer term, markets may stabilize once key economic uncertainties, such as tariff deadlines and Fed policy signals at events like the Jackson Hole symposium, become clearer, but traders should remain cautious due to potential renewed sell-offs.