Bitcoin News Today: Arthur Hayes Predicts BTC to Test $100K as NFP Sparks Market Sell-Off

Arthur Hayes, the former CEO of BitMEX and a long-term advocate for Bitcoin, has shifted his positioning in anticipation of increased volatility following a weaker-than-expected U.S. Non-Farm Payrolls (NFP) report. The jobs data, released recently, triggered a sell-off across both traditional and crypto markets, with Bitcoin dropping below $114,000 in early August after reaching a peak of $120,000 in June and July. Hayes has moved assets and cash, signaling caution as he anticipates further downward pressure, predicting that Bitcoin may test $100,000 and Ethereum could fall below $3,000 in the near term [1].

Hayes' analysis centers on macro liquidity and the re-pricing of interest rate expectations in the wake of the NFP release. The report caused a $1.1 trillion loss in the stock market and increased pressure on crypto positions. Bitcoin, while leading the downturn, showed relative strength compared to altcoins, which were hit harder. Liquidations and margin calls accelerated the sell-off, with $172 million in Bitcoin long positions erased across exchanges within a 24-hour window [1].

Bitcoin critic Peter Schiff used the opportunity to highlight the asset's lack of safe-haven qualities, noting that gold and the yen rose while Bitcoin fell along with risk assets. “Days like today make it clear that Bitcoin is not digital gold,” he stated [1].

In the early hours of August 2, Hayes liquidated significant portions of his holdings, including 2,373 ETH, 7.76 million ENA, and 38.86 billion PEPE, sparking speculation and commentary within the crypto community. Despite Ethereum bulls’ frustrations, Hayes has a track record of accurate predictions, having previously called for a drop to $70,000 earlier in the cycle. His April 2024 warning about overextended leverage and macroeconomic risks has largely come to fruition as the market now faces a correction [1].

Despite his recent bearish positioning, Hayes remains a long-term bull for Bitcoin. His caution reflects the broader market anxiety as traders navigate a reset in liquidity and Fed policy expectations. While short-term risks are mounting, Hayes’ actions underscore the need for nimble asset management in the face of macroeconomic headwinds.

As of 2:14 pm UTC on August 2, 2025, Bitcoin was ranked 1 by market cap but had fallen 2.14% over the past 24 hours. The price stood at $113,461.17, with a market cap of $2.26 trillion and a 24-hour trading volume of $70.81 billion. The total crypto market was valued at $3.68 trillion, with Bitcoin’s dominance at 61.33% [1].

Source: [1] https://cryptoslate.com/former-bitmex-ceo-arthur-hayes-positions-for-market-slump-predicts-btc-to-test-100k-after-nfp-print/