BitMEX co-founder Arthur Hayes is unloading his altcoin positions, believing that the crypto market will witness a correction this month.

In a new post on the social media platform X, blockchain tracking firm Lookonchain spotted Hayes selling millions of dollars worth of Ethereum (ETH) as well as the memecoin Pepe (PEPE) and the stablecoin-focused project 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 crypto veteran says he’s selling his altcoins because he believes that Q3 will be a period of sluggish economic growth. Hayes believes monetary policies are not loose enough to stimulate the economy, especially with Trump’s tariffs on the horizon.

According to Hayes, macroconditions are ripe to trigger significant retracements 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 stance on crypto, Hayes believes that the asset class is still in a strong uptrend

Late last month, he unveiled his year-end price targets for Bitcoin and Ethereum.

“My year-end targets:

Bitcoin = $250,000.

Ether = $10,000.”

At time of writing, Bitcoin is trading for $113,197, while ETH is worth $3,420.

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What happens when the world is trapped in endless wars, drowning in debt, and unwilling to raise taxes? According to Arthur Hayes, it sets the stage for one of the biggest crypto rallies in history.

Hayes outlined his macro thesis in a July 23 article, predicting that by the end of 2025, Bitcoin (BTC) could reach $250,000 and Ethereum (ETH) could reach $10,000. He argues that both military spending and strategic business investments are propelling the U.S. economy into a period of wartime-like credit expansion.

This surge in liquidity, he says, will find its way into assets that are scarce, global, and accessible, like crypto. Rather than seeing inflation as a threat, Hayes views it as the fuel for the next crypto bull run.

A war-inflated credit cycle could benefit crypto

Hayes sees the current geopolitical order, particularly the expanding wars in Ukraine and the Middle East, as a catalyst for runaway government borrowing. Citing the U.S. defense budget, which surpassed $1 trillion in 2024, and expanding programs in Europe and Asia, he describes a global environment primed for aggressive fiscal expansion.

This surge in public spending, he notes, will be funded not by higher taxes but by central bank balance sheets. As real interest rates are forced negative to keep debt service sustainable, Hayes believes inflation will reignite, and risk assets like crypto will benefit most.

Hayes compares it to a new type of quantitative easing that subtly raises asset prices while directing capital into politically supported sectors. He believes that crypto is one of the few places this excess money can flow without causing social unrest.

Unlike food or housing, where rising prices hurt the average person, Bitcoin and Ethereum benefit from inflation without creating backlash. Crypto becomes, in his words, the perfect “escape valve.”

Regulation and institutional adoption move in crypto’s favor

Hayes also notes a changing regulatory environment. With growing bipartisan support for crypto, retirement funds opening up to digital assets, and institutional players ramping up their involvement, the market may be on the verge of a new phase of adoption.

Trump’s second presidency, he suggests, could accelerate this trend through tax incentives and clearer regulation. The view that the supply of cryptocurrency is fixed whereas the supply of fiat currency is expanding quickly lies at the core of Hayes’ perspective.

BitMEX co-founder Arthur Hayes is making a big bet on Ethena, scooping up $1.505 million worth of tokens as the ENA price dips. Hayes’ purchase comes via multiple transactions across major platforms, signaling potential upside in the token. This move comes on the heels of Ethena’s listing on the largest Korean exchange, Upbit. Can Hayes’ move spark a rebound in ENA’s price?

Arthur Hayes Accumulates Ethena

According to a recent revelation by on-chain analyst @EmberCN, Arthur Hayes, the former CEO of BitMEX, has accumulated $1.505 million in ENA tokens over the past day. In an X post, the analyst revealed that a wallet address, apparently connected to the BitMEX co-founder, has purchased about 4.2 million ENA tokens via multiple transactions.

Recently, Arthur Hayes expressed his optimism about a ‘monster altseason,’ with Ethereum leading the rally. Hayes’ latest ENA purchase further solidifies his bullish stance on the potential altcoin bull run.

Interestingly, the transactions took place over the last 24 hours, with Hayes using different platforms to acquire the tokens. The breakdown of the transactions reveals that Hayes transferred 755,000 USDC to Binance, which was then withdrawn as 2.1 million ENA tokens.

Additionally, he transferred 248,000 USDC to Wintermute, receiving 700,000 ENA tokens in return. Hayes also sent 502,000 USDC to Galaxy Digital, which resulted in the withdrawal of 1.4 million ENA tokens. These transactions cumulatively amount to a substantial investment in the Ethena token.

Upbit Lists ENA

It is noteworthy that Arthur Hayes’ Ethena purchase comes on the heels of Upbit listing the token. In an X post yesterday, Hayes wrote, “ENA listed on largest Korean exchange. It’s time for liftoff!”

$ENA listed on largest Korean exchange. It’s time for liftoff!

Yachtzee 😍😍😍😍😍😍😍😍 pic.twitter.com/6V4FeUiYmq

— Arthur Hayes (@CryptoHayes) July 11, 2025

With a dominant 81% market share and little competition, Ethena is poised for significant growth in the synthetic dollar sector. According to Conor Ryder, Head of Research, the platform has the potential to generate over a billion dollars in revenue. Immediately after Upbit announced the listing of ENA on its KRW, BTC, and USDT markets, the ENA price surged by 20%.

ENA Price Dips: Will It Rebound?

Significantly, Arthur Hayes bought the tokens when the ENA price dipped to a low of $0.22. Now, the token has surged to reach $0.33, after hitting a daily high of $0.37.

As of press time, Ethena is trading at $0.3371, down by 7.4%. However, over the past week, ENA has seen a notable growth of 32%. The 24-hour trading volume has declined by a massive 54%, reaching $518 million.

According to CoinGape’s Ethena price prediction, the ENA price has a maximum upper limit of $0.4526016. However, market experts believe that the token is poised to surge past a high of $1.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.

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