BitMEX Co-Founder Arthur Hayes Sells Altcoins, Predicts Crypto Market Correction
Arthur Hayes, the co-founder of BitMEX, has recently made headlines for unloading his altcoin positions in anticipation of a correction in the crypto market. According to blockchain tracking firm Lookonchain, Hayes has sold millions of dollars worth of Ethereum (ETH), Pepe (PEPE), and Ethena (ENA).
“Arthur Hayes sold 2,373 ETH ($8.32 million), 7.76M ENA ($4.62 million) and 38.86 billion PEPE( $414,700)…”
Hayes took to social media platform X to explain his decision, citing his belief that the crypto market will experience a period of sluggish economic growth in the third quarter. He expressed concerns about the impact of Trump’s tariffs and the lack of loose monetary policies to stimulate the economy.
“Why? US Tariff bill coming due in 3Q … at least the market believes that after NFP (non-farm payroll) print. No major economy is creating enough credit fast enough to boost nominal GDP. So BTC tests $100,000, ETH tests $3,000.”
Despite his short-term bearish outlook, Hayes remains optimistic about the long-term prospects of the crypto market. He recently revealed his year-end price targets for Bitcoin and Ethereum, setting them at $250,000 and $10,000 respectively.
Currently, Bitcoin is trading at $113,197, while ETH is valued at $3,420. Hayes believes that while a correction may be imminent, the overall trend for cryptocurrencies remains upward.
If you want to stay updated on the latest crypto news, follow us on X, Facebook, and Telegram. Don’t miss out on important updates by subscribing to our email alerts.
Check Price Action and surf The Daily Hodl Mix for more insights into the crypto market.
Generated Image: Midjourney