Arthur Hayes, co-founder of BitMEX, has sold $13.5 million worth of cryptocurrencies including 2,373 ETH ($8.32 million), 7.76 million ENA ($4.62 million), and 38.86 billion PEPE ($414,700) amid a shifting market outlook. Hayes warned that Bitcoin could retreat to $100,000 and Ethereum to $3,000 due to intensifying macroeconomic risks, including looming U.S. tariff concerns. Despite this near-term correction, Hayes projects that Bitcoin could eventually reach $1 million within four years as the U.S. is expected to ease monetary policy and increase market liquidity. Meanwhile, market data shows short-term Bitcoin holders have been selling at a loss, with over 70,000 BTC moved to exchanges at a loss since July 31, indicating ongoing capitulation. However, profit-taking by short-term holders has recently slowed, and the market appears balanced with no clear directional conviction. Long-term Bitcoin holders have realized over $1 billion in profits recently, including $362 million from coins held for 7 to 10 years. Analysts describe the current phase as a classic mid-cycle shakeout, with confidence fading and deeper dips shaking some investors out, but most of the additional supply has been absorbed.