On August 1, 2025, on-chain data revealed that former BitMEX CEO Arthur Hayes sold approximately $13.35 million worth of cryptocurrencies, including Ethereum (ETH), ENA, and PEPE. Despite the sell-off, Hayes responded publicly, emphasizing that he still expects Bitcoin to test $100,000 and Ethereum to revisit $3,000.
Sale Details: 2,373 ETH, 7.76M ENA, and 38.86B PEPE
Blockchain tracking account Lookonchain reported that Hayes had liquidated 2,373 ETH (~$8.32 million), 7.76 million ENA (~$4.62 million), and 38.86 billion PEPE (~$414,700) within the past six hours. The account linked a wallet address to Hayes through Arkham Intelligence. Hayes directly replied to Lookonchain's post, implicitly confirming ownership of the wallet and explaining his rationale.
Macro Pressures and Short-Term Defense
Hayes pointed to the macroeconomic backdrop as the catalyst. He believes a U.S. tariff bill is looming in the third quarter, and after the latest Non-Farm Payrolls (NFP) report, markets are pricing in that uncertainty. He argued that no major economy is generating enough credit to sustain nominal GDP growth. This leads him to predict that Bitcoin will test $100,000 and Ethereum will test $3,000.
“So BTC tests $100K, ETH tests $3K.” — Arthur Hayes
Hayes also mentioned that he would elaborate further during his keynote at WebX Asia in Tokyo on August 25. He joked that he was heading “back to the beach.” Analysts view this sale as a defensive portfolio adjustment in response to short-term macro risks, allowing Hayes to lock in profits or reduce exposure during a dip.
Long-Term Bullishness: Trump Policies, BOJ Injections, and War Economics
Despite the short-term cash-out, Hayes remains extremely optimistic about the long-term prospects of cryptocurrencies. He anticipates massive surges in fiat liquidity driven by U.S. fiscal expansion under potential Trump policies, dollar injections from the Bank of Japan (BOJ), and inflationary war-driven economics. Previously, Hayes projected Bitcoin to reach $200,000 by year-end as crypto benefits from global monetary easing.
His stance reflects the mindset of macro traders: hedging against short-term risks while betting on long-term currency debasement and asset bubbles. The recent sell-off does not undermine his core conviction but rather highlights his tactical approach to portfolio management.