Investors and traders anticipating an alt season might need to wait longer, according to BitMEX co-founder Arthur Hayes. In a recent interview with Fortune Crypto, Hayes said that Bitcoin price must decisively break through the $110,000 mark and sustain a rally towards the $150,000–$200,000 range before capital flows into altcoins.
Hayes indicated this could happen in the summer or early third quarter. Typically, altseason follows a robust Bitcoin rally, as traders shift their gains from BTC to smaller-cap cryptocurrencies in search of higher returns. However, despite Bitcoin leading the market in recent weeks, altcoins have largely failed to keep pace.
Arthur Hayes: Different Market Structure Compared to 2021
Hayes says the market structure is different from the exuberant rally of 2021. Back then, nearly every token surged. However, Hayes believes the rally will be far more selective this time.
He noted, “Many of those coins have high FDV, low float, no customers, no revenue, merely some CEX listings, and they dropped by 95%,” referring to many once-popular dino coins. “I don’t see why they should fare well in the next cycle.”
Hayes anticipates a new narrative will channel attention and capital into particular altcoins. These will likely be those backed by stronger fundamentals or tap into emerging trends. In this sense, the next alt season may be less about broad market hype and more about focused bets on utility, community, and use cases.
READ MORE: Ethereum Surges Past Coca-Cola as UK Asset Manager Adds 278K ETH
Bitcoin’s recent performance has been positive. It had its highest-ever weekly close on May 18, finishing above $106,000. It also extended its six-week winning streak. This shift results from steady institutional inflows into spot Bitcoin ETFs and increased corporate adoption. Bitcoin price was slightly over $107,000 on Sunday before declining and trading near $103,000 on Monday.
Bitcoin Price to Reach $200K in 2025
After receiving a presidential pardon from Donald Trump earlier this year, Hayes now manages the Maelstrom fund. He predicts the BTC price will climb to $200,000 during this surge, reaching $250,000 by year’s end. Additionally, it could hit $1 million by 2028.
Outside of crypto, Hayes has a considerable position in gold, with about 20% of his portfolio in the precious metal. His alleged holdings include physical gold secured in vaults and investments in gold mining equities.
When comparing Ethereum and Solana, Hayes remains firmly in Ethereum’s camp. “I think that Ethereum could outperform Solana in the next sort of 18–24 months bull run,” he said. Hayes says Ethereum has a better ecosystem and stronger fundamentals.
For now, altcoin investors may need to exercise patience. If Hayes is right, the altseason won’t begin until the Bitcoin price clears $110,000.
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Bitcoin Pepe (BPEP)
While many altcoins are waiting for their moment, investors are already diversifying their portfolios with new opportunities like Bitcoin Pepe. This crypto project is branding itself as the first meme ICO on Bitcoin.
Set to launch on May 31st, it uses the PEP-20 token standard to allow Bitcoin users to experience staking opportunities. Tokens that are not sold are burned, maintaining stability in their price, promoting network security, and long-term holding. Investors can stake their BPEP tokens in high-yield pools without leaving the Bitcoin network. It combines Bitcoin’s security with Solana-like speed and minimal fees. Over $8 million has been raised since its presale in February 2025.
The project boasts over 10 partnerships, including Plena Finance, which will power its dApps and smart contracts for rapid scalability. BPEP will develop a dynamic ecosystem for meme traders and Bitcoin enthusiasts with a meme-centric decentralized exchange and NFT marketplace.
