Arthur Hayes, former CEO of BitMEX, has liquidated approximately $13.35 million in cryptocurrency holdings during a minor market correction. According to on-chain data shared by Lookonchain on August 1, 2025, Hayes sold 2,373 ETH ($8.32M), 7.76 million ENA ($4.62M), and 38.86 billion PEPE ($414.7K) over a six-hour window. The wallet addresses, partly labeled by Arkham Intelligence with a question mark for uncertainty, were effectively confirmed by Hayes himself in a reply on X (formerly Twitter).
Macro Factors Driving the Move
The broader crypto market has declined 2.02% in the past 24 hours to a total capitalization of $3.66 trillion. Hayes attributed his sell-off to looming U.S. tariff legislation expected in the third quarter, which he believes markets are now pricing in after the latest Nonfarm Payrolls (NFP) report. He argued that “no major economy is generating enough credit to grow nominal GDP,” setting the stage for Bitcoin to test $100K and Ethereum to test $3K.
Keynote and Short-Term Strategy
Hayes revealed he is set to deliver a keynote at WebX Asia in Tokyo on August 25, where he plans to elaborate on his macro outlook. In the meantime, he chose to de-risk his portfolio defensively, stating he would head “back to the beach” after the sales. The move is seen as a tactical reaction to near-term macroeconomic headwinds rather than a change in his long-term conviction.
Long-Term Bullish Thesis Unchanged
Despite the short-term cash-out, Hayes remains extraordinarily bullish on crypto over the long haul. He expects U.S. fiscal expansion under potential Trump policies, Bank of Japan dollar injections, and inflationary war-driven economics to unleash massive fiat liquidity. Previously, he projected Bitcoin to reach $200,000 by year-end as global monetary easing fuels crypto adoption. Hayes's current actions highlight a common trader dynamic: short-term caution to preserve capital, long-term conviction to ride the bull.
Market participants are watching closely for his August 25 speech, which may provide further clarity on his evolving strategy and macro views. The crypto community remains divided on whether his sale signals a temporary top or simply a prudent profit-taking move before the next leg higher.