Bearish Arthur Hayes says Bitcoin could retrace to $100K on macro headwinds

Key Points

1. Arthur Hayes, Maelstrom Fund CIO, anticipates Bitcoin and Ether could fall to $100,000 and $3,000 respectively amid economic fragility signaled by a weak US jobs report.

2. Hayes sold over $13M worth of ETH, ENA, and PEPE, with his wallet now holding $28.3M in tokens, mostly in USDC.

3. Bitcoin has dropped 7.7% from its July 14 all-time high of $123,000, while Ether is down 12.5% from its July 28 peak of $3,900.

4. Bloomberg ETF analyst Eric Balchunas notes Bitcoin has shown reduced volatility since BlackRock's spot Bitcoin ETF filing in June 2023.

5. Mitchell Askew of Blockware Solutions suggests Bitcoin's extreme bull and bear market cycles may be over.