Arthur Hayes: Bitcoin must hit $150K–$200K for altseason, favors ETH over SOL

BitMEX co-founder Arthur Hayes said in an interview with Fortune that Bitcoin must first surpass $110,000 and climb to between $150,000 and $200,000 on rising trading volume for an altcoin season to begin, likely by this summer or early in the third quarter (Q3). He expects altcoins to rotate higher once those levels are reached but cautioned that this cycle is unlikely to mirror the 2021 supercycle, when “every single coin just goes up 100x.” Hayes noted that older tokens with high fully diluted valuations (FDV), low circulating supply, no user base and no revenue are unlikely to perform well. He also sees stronger upside potential in Ethereum (ETH) over Solana (SOL), citing ETH’s leading total value locked (TVL), robust developer ecosystem and its position as the most secure proof-of-stake blockchain. While acknowledging Solana’s ascent from $7 to $170, Hayes said he expects ETH to outperform in the upcoming bull market.