Arthur Hayes, the former CEO of the BitMEX exchange, gave the “passwords” of the bull season in the last of his blog posts, which the crypto world read with curiosity. Hayes stated that there has not been a bull season in altcoins so far, and for this to happen, Bitcoin should rise above $70,000 and Ether above $4,000.
“Crypto market-wide wealth effect of a Solana pump is nowhere near as potent as with Bitcoin and Ether”
Stating that the altcoin season will only be experienced when Bitcoin and Ether exceed these price levels, Hayes claimed that Solana will also exceed $250:
“Shitcoins are higher beta Bitcoin crypto plays. But during this cycle, Bitcoin and now Ether have structural bids in the form of net inflows into US-listed exchange-traded funds (ETF). While Bitcoin and Ether have corrected since April, they escaped the carnage experienced in the shitcoin markets. Alt szn will return only after Bitcoin and Ether decidedly break through $70,000 and $4,000, respectively. Solana will also climb over $250, but the crypto market-wide wealth effect of a Solana pump is nowhere near as potent as with Bitcoin and Ether, given the relative market caps. The combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree.”
“Liquidity will flow from the Treasury and the Fed”
Hayes, who harshly criticised US Treasury Secretary Janet Yellen, as in many of his articles, stated that Yellen will “liquidity manipulation” before the US elections and said:
“The US election occurs in early November. Yellen will be at peak manipulation in October. There will be no better time for liquidity this year. Therefore, I shall sell into strength. I will not liquidate my entire crypto portfolio but take profits in my more speculative momentum trades and park the capital into staked Ethena USD (sUSDe). The crypto market trades up, increasing the odds of a Trump victory. Trump’s probability of victory peaked right after the assassination attempt and Slow Joe’s disastrous debate performance, Kamala Harris is a first-class political muppet, but she is not an octogenarian vegetable. That’s all she needs to defeat Trump. The election is a coin toss, and I would rather watch the chaos from the sidelines and step back into the markets after the US debt ceiling is raised. I expect that to happen sometime in January or February.”