Ethereum News Today: Bitcoin Tumbles Below $113K as Trump Tariff Fears Spur Major Sell-Offs

Bitcoin and Ethereum markets have faced significant downward pressure in recent days amid growing uncertainty surrounding geopolitical tensions and U.S. President Trump’s impending tariff policies. Arthur Hayes, co-founder of the now-defunct BitMEX exchange, has responded to the volatile climate by executing a major sell-off of several altcoins. According to blockchain analytics firm Lookonchain, Hayes sold over $8 million worth of ETH, $4.6 million in ENA, and $414,700 in PEPE using one of his known addresses within a 24-hour period [1].

Hayes cited concerns over Trump’s tariff bill, expected to go into effect in August, as a key reason for his moves. In a public social media post, he predicted that Bitcoin would test the $100,000 level and that Ethereum would likely retreat to $3,000 [1]. His remarks reflect a broader sense of caution among some major crypto holders, particularly in light of recent macroeconomic indicators that have fueled bearish sentiment.

The sell-off by Hayes coincided with broader market turbulence. In the past few days, numerous altcoins have fallen by double digits, while Bitcoin has retreated to a three-week low below $113,000 [1]. Lookonchain also reported that an unidentified whale deposited over $90 million in ETH to multiple exchanges within a two-day window, reinforcing the trend of large-scale liquidation [1].

Despite this sell-off activity, not all large players are following suit. SharpLink, the second-largest Ethereum holder, has continued to accumulate ETH. Over the past nine hours, the firm spent 108.57 million USDC to purchase additional ETH, adding 14,933 ETH—worth $52.56 million—to its portfolio in the last three hours alone [1]. With a total of 464,209 ETH in its holdings, SharpLink now controls approximately $1.63 billion in Ethereum, just behind Bitmine’s 566,766 ETH [1]. This accumulation suggests that some market participants are betting on Ethereum’s long-term potential, even amid the current downturn.

Hayes’ actions and public commentary have drawn attention as a potential indicator of broader market sentiment. The co-founder’s sell-off, paired with his predictions about Bitcoin and Ethereum’s price movements, signals a growing sense of risk aversion among some major players. At the same time, the contrasting strategy of SharpLink highlights the diverse perspectives within the crypto community, with some choosing to hold or even buy during the downturn.

The market remains in a state of flux as investors monitor the impact of Trump’s tariff policies and other macroeconomic developments. The divergence in strategies between large holders—whether selling off assets or adding to positions—indicates that the market is responding to uncertainty in multiple ways, further contributing to price volatility across the crypto space [1].

Source: [1] Arthur Hayes Is Selling: Here Are the Altcoins He’s Ditching (https://cryptopotato.com/arthur-hayes-is-selling-here-are-the-altcoins-hes-ditching/)