The cryptocurrency market dipped another 2.02% in the past 24 hours, with total capitalization falling to $3.66 trillion. Amid this downturn, former BitMEX CEO Arthur Hayes reportedly liquidated $13.35 million in digital assets, according to on-chain monitoring firm Lookonchain.
Details of the Sale
On August 1, 2025, Lookonchain posted that Hayes sold 2,373 ETH ($8.32 million), 7.76 million ENA ($4.62 million), and 38.86 billion PEPE ($414,700) over six hours. Arkham Intelligence tagged a wallet linked to Hayes, though with a question mark. However, Hayes directly replied to Lookonchain’s post, implicitly confirming the sales.
Why Hayes Sold
In his response, Hayes blamed looming U.S. tariff legislation expected in the third quarter of 2025. He argued that markets are pricing in the impact after the latest Non-Farm Payrolls report, and that no major economy is generating enough credit to support nominal GDP growth.
“So BTC tests $100K, ETH tests $3K,” Hayes stated. He characterized the sell-off as a defensive portfolio adjustment driven by short-term macro pressures. Hayes also directed followers to his Aug. 25 keynote at WebX Asia in Tokyo, adding that he was headed “back to the beach.”
Long-Term Bullish Thesis Remains Intact
Despite the de-risking move, Hayes maintains a strongly bullish outlook. He anticipates a surge in fiat liquidity from U.S. fiscal expansion under potential Trump policies, Bank of Japan dollar injections, and inflationary war-driven economics. In previous forecasts, he projected Bitcoin could hit $200,000 by year-end as crypto benefits from global monetary easing.
The sale appears tactical, not strategic. Hayes still believes crypto will rally once liquidity conditions improve. ENA, the native token of the Ethena protocol, and PEPE, a popular meme coin, were among the assets sold, but the bulk of the proceeds came from ETH. Market observers see this as a cautious short-term move rather than a change in conviction.