August 2, 2025 — Arthur Hayes, the influential co-founder of crypto exchange BitMEX, has offloaded more than $13 million worth of cryptocurrencies, signaling a cautious shift in strategy as macroeconomic and geopolitical tensions rattle global markets.

According to blockchain analytics firm Arkham Intelligence, Hayes liquidated substantial holdings in Ethereum (ETH), Ethena (ENA), and Pepe (PEPE), converting the proceeds largely into USD Coin (USDC) — a stablecoin pegged to the U.S. dollar. Currently, USDC accounts for over 80% of the $27.9 million stored in the wallet linked to Hayes.

What He Sold

2,373 ETH worth approximately $8.32 million

7.76 million ENA valued at $4.62 million

38.86 billion PEPE sold for $414,700

In a post on social media platform X (formerly Twitter), Hayes appeared to confirm ownership of the wallet and offered insight into the motives behind his repositioning. He warned of a bearish outlook for crypto markets, citing a combination of rising U.S. tariffs, weak job data, and tightening global credit conditions.

Bearish Signals and Macro Concerns

Hayes pointed to new tariffs imposed by President Donald Trump, with some already in effect as of August 1 and more scheduled for August 7. These tariffs target key U.S. trading partners and may weigh on global trade.

He also noted the disappointing U.S. jobs report, highlighting that no major economy is expanding credit at a rate sufficient to fuel nominal GDP growth. As a result, Hayes believes the global economy may struggle to sustain its current trajectory — a development that could ripple through crypto markets.

Market Reaction: Broad Sell-Off Continues

The broader crypto market, tracked by the CoinDesk 20 (CD20) Index, fell over 7.5% in the past week, driven by cooling hopes for interest rate cuts. While Bitcoin (BTC) held relatively firm with a 3.9% drop, trading now at $113,500, Ether (ETH) was hit harder, sliding 6.5% to around $3,500.

However, expectations for a September rate cut rebounded later in the week after fresh labor data suggested a cooling job market. According to prediction platform Polymarket, the odds of a rate cut now stand at 70%.

Geopolitical Tensions Add Pressure

Adding to the market stress, tensions between the United States and Russia have escalated. Former Russian President Dmitry Medvedev threatened retaliation over a U.S. ultimatum demanding a ceasefire in Ukraine. In response, Trump reportedly ordered two nuclear submarines to redeploy to "appropriate regions."

Hayes Still Bullish Long-Term

Despite the sell-off, Hayes hasn't abandoned optimism entirely. In a previous post, he maintained bold end-of-year price targets, predicting:

Bitcoin (BTC) could reach $250,000

Ethereum (ETH) might surge to $10,000

His latest move to USDC may be a short-term hedge against volatility rather than a retreat from crypto altogether.

Takeaway

Arthur Hayes’ recent crypto liquidation reflects a cautious short-term outlook shaped by economic uncertainty and geopolitical tensions. While the market adjusts to changing macro conditions, his long-term bullishness on bitcoin and ethereum suggests that — for

Hayes — the crypto story is far from over.

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