## Sold virtual coins worth 1.9 billion yen

Renowned cryptocurrency analyst Arthur Hayes has sold approximately $13 million (about 1.9 billion yen) worth of crypto assets over the past few days, converting most of it into the stablecoin USDC. He believes that Bitcoin (BTC) could drop to $100,000.

According to Lookonchain, Mr. Hayes sold $8.32 million worth of Ethereum (ETH), $4.62 million worth of Etena (ENA), and $414,700 worth of Pepe (PEPE).

Source: Mr. Arthur Hayes X post

Mr. Hayes cited the reason for this move as the U.S. tariff bill being scheduled to be submitted in the July to September period, along with increasing pressure on the economy. He also continued by stating that after the NFP (Non-Farm Payroll) announcement, the market seems to believe that the growth rate of the U.S. economy is insufficient.

The NFP for July showed new employment numbers at 73,000, significantly below expectations, raising new concerns about the introduction of tariffs and the slowdown in nominal GDP growth.

Mr. Hayes also stated that major economies are not expanding credit at a fast enough pace to boost GDP.

Taking these factors into account, Bitcoin could potentially drop to $100,000, while Ethereum may fall to $3,000. As of the time of writing this article, Bitcoin is approximately $115,000, and Ethereum is around $3,500.

Mr. Hayes suggested that he would speak in detail at the "WebX" conference to be held in Tokyo on August 25. "WebX" is one of Asia's largest Web3 business conferences organized by CoinPost. It will be held at "The Prince Park Tower Tokyo" from August 25 to 26.

Mr. Hayes had been bullish about his long-term predictions last month, setting a target price of $250,000 for Bitcoin and $10,000 for Ethereum by the end of 2025.

There is currently a debate surrounding Bitcoin as to whether the current bullish market cycle has peaked or is simply in a correction phase.

Bloomberg's ETF (Exchange-Traded Fund) analyst Eric Balchunas pointed out that since BlackRock applied for a Bitcoin spot ETF in mid-2023 (which is set to launch in January 2024), the volatility of Bitcoin has decreased.

Mitchell Askew of Blockware Solutions also agrees with this view, stating that the era of alternating "parabolic bull markets and devastating bear markets" for Bitcoin may be over.

What is a Bitcoin Spot ETF?

An Exchange Traded Fund (ETF) that includes Bitcoin as an investment target. It involves purchasing actual Bitcoin and trading a trust (ETF) based on that Bitcoin in the stock market. Investors can invest in its value without directly purchasing Bitcoin.

In addition to ETFs, the increase in companies adopting Bitcoin financial strategies, such as Strategy Co., is also behind the decline in volatility. As of July, institutional investors are estimated to hold about a quarter of the circulating Bitcoin.

On the other hand, there are concerns that the increase in small-scale Bitcoin treasury companies could lead to accelerated selling pressure from these companies when the market declines.

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August 25-26, 2025 - Held in Tokyo

WebX 2025

Hosted by CoinPost – One of the largest Web3 conferences in Asia

Featured Speakers

World-class speakers representing the Web3 and cryptocurrency industry gather in Tokyo. We will deliver valuable discussions that shape the future of the industry, from the latest technological trends to investment strategies.

Featured Speaker

Yoshitaka Kitao

SBI Holdings Chairman and President

Other Featured Speakers

Arthur Hayes

BitMEX, founder of Maelstroom

Audrey Tang

Former Digital Minister of Taiwan

Takafumi Horie

businessman

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coming soon

coming soon

See the list of other speakers

Date: August 25-26, 2025 | Venue: The Prince Park Tower Tokyo | Scale: Over 16,500 attendees last year

Ticket purchase

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