Arthur Hayes, the insightful co-founder of BitMEX, is once again making waves in the crypto sphere, predicting a significant downturn for the digital asset market. His latest forecast suggests that Bitcoin (BTC) could dip below the $100,000 mark, with Ethereum (ETH) potentially falling under $3,000, as macroeconomic pressures intensify. This caution comes in the wake of weaker-than-expected Non-Farm Payrolls (NFP) data from the U.S., a key indicator of economic health, which triggered widespread volatility across traditional and digital markets alike.
Despite his well-known long-term bullish outlook on crypto, Hayes has taken proactive steps to reposition his assets, signaling his immediate concerns about market stability. The NFP report, which details the number of jobs added or lost in the U.S. economy, significantly missed expectations, leading to a substantial repricing of interest rate forecasts and Federal Reserve policy. This shift has prompted a broad sell-off of risk assets, creating a challenging environment for cryptocurrencies.
Bitcoin, while leading the recent crypto market decline, demonstrated a degree of resilience compared to altcoins, which experienced even sharper corrections. Hayes highlights that a drain on market liquidity, coupled with an acceleration of forced liquidations and margin calls, is intensifying the downward pressure. This dynamic was vividly illustrated by the clearing of $172 million in Bitcoin long positions across exchanges within a single 24-hour period as prices stumbled.
Not one to miss an opportunity, long-standing Bitcoin critic Peter Schiff was quick to reinforce his skepticism, contrasting Bitcoin’s performance with traditional safe havens like gold and the Japanese yen. He asserted that Bitcoin’s recent decline, mirroring high-risk assets, discredits its claim as “digital gold.”
In a move that caught the attention of the crypto community, Hayes initiated significant asset offloads in the early hours of August 2. Blockchain data reveals he moved 2,373 ETH, valued at approximately $8,32 million, along with 7,76 million ENA (approximately $4,62 million) and 38,86 billion PEPE (around $414,700). These strategic divestments sparked a flurry of commentary, particularly among Ethereum enthusiasts, many of whom recalled Hayes’s recent advocacy for a $10,000 ETH target. Yet, Hayes has a proven track record, having accurately predicted a BTC drop to $70,000 earlier in the current market cycle when optimism was at its peak. His current actions echo a similar warning issued in April 2024, when he cautioned against overextended leverage and shifting macro data despite Bitcoin reaching new all-time highs.
As of 2:14 pm UTC on August 2, 2025, Bitcoin, the leading cryptocurrency by market capitalization, trades at a market capitalization of $2,26 trillion, with a 24-hour trading volume of $70,81 billion. Its price has seen a 2,14% decline over the past 24 hours. The broader crypto market stands at a total valuation of $3,68 trillion, with a 24-hour volume of $164,41 billion, and Bitcoin dominance is currently at 61,33%. While the immediate outlook remains volatile, Hayes’s long-term conviction in the fundamental potential of digital assets remains undeterred, even as he navigates the short-term turbulence.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Investors should always conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions in cryptocurrencies, which are highly volatile and speculative assets.
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