Arthur Hayes, the former CEO of BitMEX, is changing his tune on Bitcoin. After sounding cautious just weeks ago, he’s now turning bullish as the crypto market smashes through new highs.
In a post on X (formerly Twitter) on July 11, Hayes called Bitcoin’s breakout to fresh all-time highs a “key turning point.”
Previously, Hayes had warned that the U.S. Treasury’s efforts to rebuild its cash reserves at the Federal Reserve known as the TGA refill could drain liquidity from the markets and put pressure on risk assets like crypto. That outlook made him slightly bearish in the short term.
But this week’s powerful surge in Bitcoin prices has shifted his perspective.
“I was slightly bearish in my last essay due to TGA refill. What changed? $BTC busted through ATH on good volume,” Hayes wrote.
Eyes on Ethereum and the Coming Altseason
While Bitcoin has been stealing the spotlight, Hayes believes the next big move will come from Ethereum (ETH) and the broader altcoin market.
He noted that Ethereum has been climbing steadily over the past few days, a pattern that historically signals that capital may soon rotate from Bitcoin into altcoins. That’s why Hayes thinks the long-anticipated altcoin season or “alt szn” as he calls it is just around the corner.
“Get ready for a monster alt szn,” he declared.
Macro Tailwinds Help the Outlook
Hayes also pointed to improving macroeconomic sentiment as a tailwind for crypto. Markets are buzzing with speculation that former President Trump, if re-elected, might ease tariffs, which could stimulate global trade and boost risk assets.
Back in May, Hayes predicted that Bitcoin needed to break past $110,000 to kick off the next big altcoin run, forecasting that the breakout could happen around June or early Q3. Now that BTC has crossed that threshold, he sees the crypto cycle firmly entering a new phase.
Signs Altseason Has Already Begun
It’s not just speculation. Hayes’ altseason prediction seems to be materializing in real time. Over the past 24 hours:
- SEI (SEI), SUI (SUI), and HBAR (HBAR) have each jumped between 10% and 20%.
- More than 98% of altcoins are outperforming Bitcoin during this ongoing rally.
While the Altcoin Season Index from CoinMarketCap still sits at 30/100, suggesting Bitcoin dominance, many analysts believe the tides are turning fast and that a full-fledged altseason is already underway.
Meanwhile, Bitcoin continues to break records, trading at an all-time high of over $118,500 at the time of writing.
Looking Further Ahead
Long-term, Hayes remains a committed Bitcoin bull. He’s previously said he expects Bitcoin to hit $250,000 by the end of this year and believes it could even reach $1 million by the end of Trump’s current term in 2028 if crypto tailwinds stay strong.
As Hayes sees it, the fireworks in Bitcoin might just be the opening act and the real show is about to start in altcoins.
