Arthur Hayes, the co-founder of BitMEX, has made the decision to sell off his altcoin holdings in anticipation of a correction in the cryptocurrency market this month.
According to a recent post by blockchain tracking firm Lookonchain on the social media platform X, Hayes has been seen selling large amounts 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)…”
The experienced crypto trader stated that he is offloading his altcoins due to his belief that the third quarter will see slow economic growth. He attributes this to tight monetary policies and the looming threat of Trump’s tariffs.
Hayes predicts that these macroeconomic conditions will lead to significant pullbacks for Bitcoin (BTC) and Ethereum.
“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.
In a recent announcement, he shared his year-end price targets for Bitcoin and Ethereum.
“My year-end targets:
Bitcoin = $250,000.
Ether = $10,000.”
As of now, Bitcoin is trading at $113,197, while ETH is valued at $3,420.
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