BitMEX co-founder and key crypto figure Arthur Hayes has recently offloaded $13 million in Ethereum (ETH), Pepe (PEPE), and Ethena (ENA). While this market sell-off may be linked to a broader crypto market decline, Hayes has shared other insights backing this cautious market move.
Furthermore, Hayes also states that no major world economy is creating credit fast enough to boost nominal GDP growth. Therefore, there is the potential that the global system is vulnerable to deflationary pressure and a potential market repricing. Against this backdrop, Arthur Hayes anticipates a capital rotation away from volatile assets such as cryptocurrencies, which influenced his recent market offload.
In terms of price forecast, the BitMEX co-founder is expecting Bitcoin (BTC) to test $100,000 and Ethereum to return to the $3,000 level. If this prediction proves true, further widespread price corrections should be largely expected.
At the time of writing, the global crypto market cap stands at $3.62 trillion following general negative performance across major assets. Bitcoin, premier cryptocurrency and market leader, trades at $113,015, slipping 0.59% in the past 24 hours and down 4.31% over the week. In addition, Ethereum sees a sharper weekly decline of 9.43%, and is now priced at $3,414.
