Maelstrom Fund Chief Investment Officer Arthur Hayes warned that escalating macroeconomic pressures could drag Bitcoin back to the $100,000 level — he has already taken profits on his cryptocurrency positions.
Hayes linked the recent cryptocurrency pullback to renewed tariff concerns triggered by a disappointing non-farm payroll report, which showed that the U.S. added only 73,000 jobs in July — a sign of economic weakness.
Hayes also pointed out that weak credit growth in major economies is suppressing nominal GDP growth, warning that Bitcoin (BTC) and Ethereum (ETH) could further decline towards the $100,000 and $3,000 levels.
He responded last Saturday to a post on X by blockchain analytics platform Lookonchain, which highlighted that Hayes recently sold off $8.32 million worth of ETH, $4.62 million of Ethena (ENA), and $414,700 of the Pepe (PEPE) meme coin.
According to Arkham Intelligence data, Hayes' wallet, which executed the recent sell-off, currently holds tokens worth $28.3 million, with $22.95 million stored in USDC stablecoin.
Hayes' comments echo broader concerns that macro headwinds could hinder cryptocurrency momentum. Tightening credit, new tariffs, and a weak job market could pressure risk assets, testing investor confidence and potentially triggering a pullback.
CoinGecko data shows that Bitcoin has fallen over 7.7% since reaching its historical high of $123,000 on July 14, while Ethereum has dropped 12.5% since breaking the $3,900 mark on July 28.
A drop in Bitcoin's price to $100,000 would mark an 18.7% pullback.
However, many industry analysts believe that Bitcoin has bid farewell to days of significant double-digit pullbacks.
This includes Bloomberg ETF analyst Eric Balchunas, who noted that since BlackRock submitted its spot Bitcoin ETF application in June 2023, Bitcoin has experienced "less volatility and no gut-wrenching drawdowns."
Mitchell Askew, Chief Analyst at Bitcoin mining company Blockware Solutions, added, "The days of parabolic bull markets and devastating bear markets are over."
Related: Bitcoin (BTC) precisely fills the July CME gap, with a downward target pointing to $104,000
Original article: “Arthur Hayes: Bitcoin (BTC) May Fall Amid Macro Concerns”
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