Arthur Hayes sees trouble coming again. The U.S. Non-Farm Payrolls report missed expectations and hit markets hard. Stocks dropped. Crypto followed. Hayes, known for his bullish stance on Bitcoin, is now moving fast. He sold millions in crypto assets, bracing for what he calls a deeper storm.
Bitcoin had rallied hard in June and July. It jumped above $120,000 but quickly fell below $114,000 by early August. That move shook confidence. Now, Hayes says more downside is likely. He believes Bitcoin could drop below $100,000 and Ethereum might fall under $3,000. His warning isn’t random. It’s tied to tightening liquidity.
Bitcoin Longs Liquidated in Margin Calls
Markets react sharply to weaker job data. Traders expect changes in Fed policy. Volatility spikes. Risk assets drop. Crypto doesn’t escape. Bitcoin dropped 3%, while altcoins fared worse. The broader market lost over $1.1 trillion in value. Traders rushed to cover positions.
Margin calls triggered liquidations. Over $172 million in Bitcoin long positions got wiped in one day. Gold went up. So did the yen and the euro. Bitcoin moved in the opposite direction. That added fuel to critics’ claims. Peter Schiff pointed to Bitcoin’s 3% fall as proof that it’s no safe haven.
Hayes Sells Millions in Crypto Amid Market Caution
He says Bitcoin still acts like a high-risk tech stock. Hayes isn’t standing still. On August 2, he sold 2,373 ETH, worth over $8 million. He also dumped millions in ENA and PEPE. The moves surprised many. Just weeks ago, Hayes promoted a long-term bullish view for ETH, even calling for $10,000 ETH in the future.
Some critics say Hayes is shilling and dumping at once. But others remember he warned of Bitcoin dropping to $70,000 earlier this year—and was right. Back in April, when Bitcoin hit fresh highs, Hayes warned that the market was overstretched. He pointed to soft macro data and too much leverage. Now, similar signs appear again. Liquidity is drying up.
Interest rate bets are changing. Risk sentiment is fading fast. Still, Hayes hasn’t changed his big-picture view. He believes in crypto’s long-term strength. But for now, he’s staying cautious. His recent moves show he’s not betting against crypto. He’s just waiting for the next storm to pass.
