Arthur Hayes dumps millions into code amid bets weakened by US tariff impact

Arthur Hayes, co-founder of Crypto Exchange Bitmex, offloaded more than $13 million in Crypto Holdings, including Ether (eth)Dan

and Pepe.

Data from Arkham Intelligence shows that Hayes has sold millions of these cryptocurrencies and moved to accumulate USDC, with Stablecoin accounting for more than 80% of the $27.9 million address associated with him.

The address sold for 2,373 ETH, worth $832 million, with 7.76 million ENAs for $462 million, and 38.8 billion Pepe for $414,700. In X’s post, he confirmed he was behind the address, pointing to a bearish scenario in the crypto space.

Hayes suggested that the market will be hit by the impact of President Donald Trump’s tariffs.

Combined with a weaker than expected US employment report, he argued that no major economy is expanding credit quickly enough to boost nominal GDP. Against this background, he predicted that Bitcoin could “test $100k” and that Ether would revisit $3,000.

The crypto market, measured by the Coindesk 20 (CD20) index, has lost more than 7.5% of its value in the past week as hopes for interest rate reductions have faded. Bitcoin surpasses the wider market by a 3.9% drop, and is currently at $113,500.

Similarly, ether fell 6.5% over the same period and is currently trading at $3,500. Hopes for rate cuts blew on Friday, but they spiked later in the session after the labour market showed signs of weakness. Polymarket Traders is currently heavier with a 70% chance of interest rate reductions in September.

And the market is falling as tensions between the US and Russia escalate. Former Russian President Dmitry Medvedev said Trump ordered two nuclear submarines to move to “the right area” after threatening the US to agree to the ultimate ceasefire in Moscow.

Despite the sale, Hayes may remain bullish. In a post last month, he said the year-end target for Bitcoin prices was $250,000 and the ether rose to $10,000.