Arthur Hayes, co-founder of BitMEX, has sold approximately $13.5 million worth of cryptocurrencies including 2,373 ETH valued at $8.32 million, 7.76 million ENA tokens worth $4.62 million, and 38.86 billion PEPE tokens valued at $414,700 amid a shifting market outlook. Hayes has warned that Bitcoin could decline to $100,000 and Ethereum to $3,000 due to intensifying macroeconomic risks, including looming U.S. tariff concerns. Despite this near-term caution, Hayes projects that Bitcoin could reach $1 million within four years, anticipating a monetary policy easing in the U.S. that would increase market liquidity after an initial correction. Meanwhile, data shows that over 70,000 Bitcoin have been moved to exchanges at a loss since July 31, indicating ongoing capitulation by short-term holders. However, recent trends suggest a slowdown in short-term holder profit-taking, with a balanced market emerging as spent volume by short-term holders in profit has cooled to 45%, below the neutral threshold. Long-term holders have realized over $1 billion in profits recently, with notable contributions from coins held for 7 to 10 years and 1 to 2 years, signaling profit-taking activity among longer-term investors.