2 weeks ago
Arthur Hayes is erstwhile again sounding the alarm connected a greater shakeup successful the crypto marketplace aft worse-than-expected information from the U.S. Non-Farm Payrolls (NFP) jobs study sparked downside volatility successful some accepted and integer markets. Despite his estimation arsenic a semipermanent crypto bull, Hayes has precocious moved assets and cash, preparing for further volatility ahead.
Hayes’ prediction comes arsenic Bitcoin hovers successful a turbulent scope aft a crisp June and July rally that saw the coin blast done $120,000 earlier encountering absorption and correcting down to beneath $114,000 successful aboriginal August.
Hayes, a long-time advocator of Bitcoin’s macro potential, is present informing that short-term headwinds could propulsion BTC beneath $100,000 and ETH beneath $3,000 successful the aftermath of the latest jobs report, a fig that fell good abbreviated of expectations and wiped $1.1 trillion from the banal market.
Risk assets merchantability disconnected arsenic Schiff reinforces ‘Bitcoin is not integer gold’
The crux of Arthur Hayes’ statement is rooted successful macro liquidity. In his caller comment, helium points to the spike successful marketplace volatility pursuing the weaker-than-expected NFP, with hazard assets selling disconnected hard arsenic traders unreserved to reprice involvement complaint expectations and the way up for Federal Reserve policy. For the crypto market, this unfolding reset spells occupation successful the abbreviated term.
Bitcoin led the crypto downturn but managed to amusement comparative spot compared to altcoins, which were deed adjacent harder. Hayes points retired that liquidity is being drained from markets arsenic traders brace for further turbulence. Forced liquidations and borderline calls are accelerating the determination lower, with $172 million successful Bitcoin agelong positions wiped retired crossed exchanges successful a 24-hour model arsenic prices stumbled.
Bitcoin professional Peter Schiff wasted nary accidental to dunk connected the number-one integer plus portion praising the virtues of gold, commenting:
“Days similar contiguous marque it wide that Bitcoin is not integer gold. We got atrocious economical quality that sent golden and the Japanese yen up 2.2% and the euro up 1.5%. The NASDAQ went the different way, falling 2.2%. Bitcoin tanked 3%, tracking high-risk assets lower, not harmless havens higher.”
Arthur Hayes is repositioning his assets
In the aboriginal hours of August 2, Hayes offloaded 2,373 ETH ($8.32 million), 7.76 cardinal ENA ($4.62 million), and 38.86 cardinal PEPE ($414,700), causing a flurry of comments among the crypto community, astir notably, Ethereum bulls who pointed retired that Hayes had lone precocious been advocating for a $10K ETH. One follower commented:
“Classic Arthur shilling and dumping astatine the aforesaid time. Never fails.”
Hayes has been close before, predicting a BTC driblet to $70,000 earlier successful the existent rhythm erstwhile optimism and leverage were astatine fever pitch.
In April 2024, arsenic Bitcoin scaled all-time highs and marketplace euphoria peaked, Hayes issued a informing that the tides would soon turn, again calling retired informing signs successful liquidity, U.S. macro data, and the increasing risks from overextended leverage successful derivatives markets. Despite offloading ETH showing near-term caution, Hayes’ semipermanent presumption remains bullish.
The station Former BitMEX CEO Arthur Hayes positions for marketplace slump: predicts BTC to trial $100K aft NFP print appeared archetypal connected CryptoSlate.
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