Although Bitcoin continues to trade near its recent lows, many market analysts believe that the altcoin market is sending a very different signal. Some experts see the early stages of the new bull, while others, like Arthur Hayes, take a more cautious approach. In particular, the influence of the Hayes market is discussed by many traders.
Arthur Hayes Leaves Altcoins
Former CEO of BitMEX Arthur Hayes it was revealed in a recent interview that it has sold all of its altcoin holdings, including well-known tokens such as Hyperliquid (HYPE), NEAR Protocol and Worldcoin.
According to Hayes, the main reason for his decision is the growing risk surrounding the growth of AI investments. He explained that, contrary to previous expectations, the newly created fiat currency did not play into Bitcoin. Instead, most of the capital was taken by the AI sector.
“It became impossible for Bitcoin to receive the money because everyone is just doing AI.” He said.
Hayes said the AI issue now faces three threats, including rising energy prices, the possibility of policy changes in the United States, and the upcoming large IPOs from companies such as Anthropic and OpenAI, which could drain additional capital into the markets.
“That’s what’s happened with all this money. It’s gone to AI,” he said.
More importantly, Hayes doesn’t expect Bitcoin to benefit immediately if AIs decline. He warned that if the AI trade starts to slow down, Bitcoin may initially collapse along with other risky assets instead of attracting new investment.
Altcoins Continue to Outpace Bitcoin
Not everyone shares Hayes’ shrewd approach.
Crypto analyst Michael van de Poppe He said that investor appetite for altcoins has changed significantly compared to six months ago. While Bitcoin has remained weak, many altcoins have already started posting year-on-year gains, while others have even reached new highs.
According to Van de Poppe, this is not a sign of a bear market and the various trends, including those of people like Hayes, reflect the uncertainty that exists.
He added that strong price action on selected altcoins suggests that a new bull market may already be forming, with Bitcoin being the only asset lagging behind. Hayes’ differing views further fuel the debate among scholars.
Van de Poppe also says that if concerns surrounding the Strategy’s STRC easing situation and increased liquidity return to the markets, altcoins could see a strong breakout in the coming months.
Macro Conditions May Favor Altcoins
On the other hand, analyst Peter from Crypto House explained that altcoins have gained about 32% against Bitcoin in the past year, a big difference from the deep deficit that occurred in the market in 2022. Interestingly, Hayes also mentioned this change in the past.
He said that big things are starting to go well. Manufacturing activity, measured by the ISM index, is increasing, while liquidity is slowing after years of strong activity. For investors who follow Hayes or other analysts, these changes may play an important role.
Based on these developments, Peter said that Bitcoin can continue to consolidate between $ 60,000 and $ 75,000 in the short term before moving into the summer. In the meantime, he expects that many strong altcoins will continue to make big highs and lows, indicating that altcoins have already taken off and market watchers like Hayes are worth keeping an eye on.
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