Arthur Hayes, co-founder of the BitMEX exchange, has expressed concerns about the future dynamics of the cryptocurrency market. He believes that in the context of a “sluggish” credit market and minimal job growth in the U.S., the price of Bitcoin could decrease to $100,000, while Ethereum could drop to $3,000.
This is reported by Business • Media
Macroeconomic Factors and Arthur Hayes’ Actions
Hayes emphasized that in July 2025, only 73,000 new jobs were created in the non-farm sector in the U.S., raising concerns about the prospects for economic growth. The expert believes that increasing tariff pressure and the lack of rapid credit expansion in the world’s leading economies create an unfavorable environment for risk assets. Against this backdrop, Hayes took profits by selling cryptocurrencies Ethereum, Ethena, and PEPE for over $13 million. Following these transactions, according to Arkham Intelligence, he had $28.3 million in assets remaining in his wallet, of which $22.95 million were in USDC stablecoins.
“The sluggish growth of credit in the largest economies of the world does not allow for a rapid increase in nominal GDP, which intensifies pressure on risk assets. In such conditions, Bitcoin could fall to $100,000.”
Expert Opinions on the Future of the Market
Despite Hayes’ pessimistic forecast, some analysts believe that significant corrections in the market are a thing of the past. Eric Balchunas from Bloomberg noted that after BlackRock filed for a spot Bitcoin ETF in 2023, the market became more stable, minimizing sharp declines. He added that this has attracted large investors and given Bitcoin a chance to gain currency status.
Mitchell Esquieu from Blockware Solutions also shares the view of market stabilization, believing that the era of parabolic rises and destructive falls for Bitcoin is behind us. Analysts at CryptoQuant report active accumulation of Bitcoin by large players, which, according to their observations, typically indicates further price increases.
According to CoinGecko data, Bitcoin has already decreased by 7.7% from its all-time high of $123,000 reached on July 14, while Ethereum has lost 12.5% after recently rising above $3,900. This has reignited discussions about the likelihood of a deep market correction in the coming months.
It is worth noting that in July, Ethereum rose by nearly 50%, while Bitcoin increased by 8%.