TechFlow news: Arthur Hayes, co-founder of BitMEX, published a new blog post expressing his view that the altcoin market recovery must wait for Bitcoin and Ethereum to break through key price levels. Hayes noted that although Bitcoin and Ethereum have pulled back since April, they have avoided the severe downturn seen in the altcoin market, thanks to net inflows from U.S.-listed ETFs.
He predicts that the "altcoin season" will only return once Bitcoin surpasses $70,000 and Ethereum exceeds $4,000. Hayes also mentioned that Solana might break past $250, but its wealth effect on the broader crypto market is not as significant as that of Bitcoin and Ethereum.
He believes that the year-end rise in Bitcoin and Ethereum, driven by U.S. dollar liquidity, will lay the foundation for a recovery in the altcoin market.
