“Get Ready for A Monster Altseason”, Arthur Hayes Flips Bullish On Altcoins

Arthur Hayes, the former CEO of BitMEX, has sent shockwaves through the crypto community with his bold prediction of a ‘monster altseason.’ With Bitcoin hitting a new all-time high and Ethereum following the trend, Hayes remains bullish on a potential altcoin season. Is a major bull altcoin bull run on the horizon?

Altcoins Set for Explosive Growth, Says Arthur Hayes

Despite his initial bearish outlook, BitMEX co-founder Arthur Hayes has reversed his stance to assert that a ‘monster altseason’ is coming. In an X post, Hayes shared a bullish projection of the crypto market, with Bitcoin and altcoins ready to soar. The BitMEX co-founder noted,

BTC busted through ATH on good volume ETH is following and will outperform, get ready for a monster alt szn.

After initially taking a bearish stance due to the U.S. Treasury General Account (TGA) restocking, Arthur Hayes has shifted to a bullish outlook, driven by Bitcoin’s recent surge to new all-time highs, accompanied by significant trading volume. Hayes also expects Ethereum to follow suit and potentially outperform Bitcoin. As reported by CoinGape, he earlier predicted Ethereum is poised to hit an ambitious target of $10,000 riding on massive corporate adoption.

Significantly, Arthur Hayes’ altcoin forecast is supported by anticipated actions from former US President Donald Trump on tariffs and increasing market liquidity. He expects a significant Bitcoin rally driven by high global debt levels and growing institutional demand.

The current Altcoin Season Index is at 30 out of 100, suggesting that a full-fledged altseason has not yet come. Altcoin Season Index is a metric used to measure the performance of altcoins.

Why Arthur Hayes Is Flipping Bullish on Altcoins

In his previous article entitled “Quid Pro Stablecoin,” Arthur Hayes discusses the potential impact of bank-issued stablecoins on the crypto market, particularly BTC.

Hayes argued that the US government’s sudden interest in bank-issued stablecoins is less about financial freedom and more about creating a massive “liquidity bazooka” for the Treasury. The plan would enable major banks like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo to issue stablecoins, potentially unlocking $6.8 trillion in liquidity.

This potential liquidity contraction made Hayes cautious about the crypto market’s short-term prospects. With a refill target of $850 billion, the TGA would absorb a significant amount of liquidity, potentially causing a temporary downturn in the market.

Hayes expected this liquidity contraction to have a negative impact on the crypto market, particularly on altcoins, and therefore took a slightly bearish stance. However, he anticipated a forthcoming altcoin rally, consistent with his May prediction of a summer altcoin season. He believed that the bearishness would be short-lived, and the market would recover once the TGA refill was complete and dollar liquidity began to increase again.

Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.

Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.

Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn