Arthur Hayes Rotates Into Stablecoins Amid Mounting Macro Risks, Exits $13M in Crypto
Arthur Hayes, the co-founder of BitMEX, has liquidated over $13 million worth of digital assets, citing bearish macroeconomic conditions driven by rising U.S. tariffs and slowing job growth. His wallet, now dominated by USDC, reflects a defensive pivot as volatility returns to crypto markets.
Blockchain intelligence firm Arkham linked the address to Hayes, showing sales of:
- 2,373 ETH (~$8.32 million)
- 7.76 million ENA (~$4.62 million)
- 38.86 billion PEPE (~$414,700)
Following the sales, stablecoins now comprise over 80% of the wallet’s $27.9 million in assets.
In a post on X, Hayes confirmed the transactions and warned of downside risks ahead. He pointed to the economic drag from former President Donald Trump’s new tariffs—some implemented on August 1, others due August 7—and a weaker-than-expected U.S. jobs report that included downward revisions for May and June.
“The U.S. tariff bill is coming due,” Hayes wrote. “No major economy is creating credit fast enough to lift nominal GDP. So, $BTC tests $100K, $ETH tests $3K.”
Macro Uncertainty Fuels Crypto Pullback
The CoinDesk 20 Index (CD20) fell over 7.5% last week as global markets turned risk-averse. Bitcoin (BTC) dropped 3.9% to $113,500, while Ethereum (ETH) shed 6.5% to trade around $3,500.
After Friday’s dismal U.S. labor report, markets recalibrated their expectations for monetary easing. Traders on Polymarket now assign a 70% probability to a Federal Reserve rate cut in September, though concerns about recession continue to weigh on sentiment.
Adding to the pressure: heightened geopolitical risk. Trump disclosed that he had ordered two U.S. nuclear submarines to reposition in response to threats from Russian official Dmitry Medvedev. The move intensified fears of escalation, further dragging on crypto and equity markets.
Hayes Eyes Long-Term Upside Despite Near-Term Bearishness
Despite his near-term defensive stance, Hayes remains fundamentally bullish. He reiterated his $250,000 year-end target for Bitcoin and $10,000 for Ether in a July post, suggesting his reallocation into stablecoins is tactical—not a full exit.
Hayes is expected to expand on his macro outlook and crypto strategy at WebX Asia in Tokyo on August 25.
For now, his actions reflect a growing view among sophisticated market participants: the short-term path is rocky, but the long-term crypto thesis remains intact.
