Arthur Hayes Says Bitcoin Is On ‘Sale’ Following Decline To Four-Month Low

BitMEX co-founder Arthur Hayes has commented on the recent Bitcoin crash, suggesting the decline may be a perfect buy-the-dip opportunity rather than a time to panic. This comes as BTC drops to a four-month low amid macro concerns and heavy selling from whales and miners.

Bitcoin Is On Sale, Arthur Hayes Says

In an X post, the BitMEX co-founder declared that BTC is on sale. He further urged market participants to go “shopping” if this U.S. regional banking wobble becomes a crisis, as there will likely be a 2023-like bailout for these banks. Hayes added that he already has his list of coins that he is looking to buy, in preparation for a potential rebound.

As CoinGape reported earlier today, Bitcoin has crashed alongside the broader crypto market, as bad loans at Western Alliance Bank and Zions Bank have triggered a wave of market sell-offs that has spread to crypto. As a result, BTC has dropped to a four-month low and is now at risk of retesting the $100,000 psychological level.

TradingView data shows that the flagship crypto is down almost 3% today, dropping below $104,000 earlier in the day. BTC briefly recovered to $106,000 after Trump said the 100% tariffs on China would not go into effect.

However, the market sell-off looks to go beyond just the Trump tariffs. CoinGape reported that Bitcoin is facing significant selling pressure from OG whales and miners. These miners have deposited over 51,000 BTC into exchanges in the past week, indicating plans to sell.

Meanwhile, the BTC ETFs are also back to recording massive outflows. These funds saw a net outflow of $536.44 million yesterday, marking their fourth daily net outflow in the last five days.

An Extended Bear Market For BTC

Bitcoin critic and renowned economist Peter Schiff has predicted that Bitcoin will suffer an extended bear market. He noted that BTC is now down 34% against gold since it hit its record high. The economist indicated that the bear market is nowhere near its end and that market participants shouldn’t expect a rebound anytime soon.

As CoinGape reported, Schiff yesterday said that BTC has failed as digital gold. He further remarked that the bear market will be “brutal” and advised holders to sell their “fool’s gold now and buy the real thing or have fun going broke.”

However, entrepreneur Anthony Pompliano noted how gold is down 84% when denominated in Bitcoin. He also mentioned how the flagship crypto is up 15,000% since 2020. Pompliano further advocated for BTC’s safe-haven status, noting that other major assets are down when denominated in Bitcoin.