Bitcoin has once again become a safe haven amidst Trump's increased tariffs and turmoil in the global financial markets. BitMEX founder Arthur Hayes stated in an interview at Token 2049 in Dubai on May 1 that his Maelstrom fund has fully increased its position in Bitcoin and predicts that the next wave of capital will flow to high-quality altcoins that are 'genuinely profitable'. He also provided key observations on Trump's tariff policy restart, global capital flows, and institutional buying behavior, stating that quantitative easing (QE) will reopen, and this Bitcoin bull market has just begun.
Maelstrom has fully invested in Bitcoin, buying from $90,000 all the way down to $74,000.
Hayes was the first to state that his Maelstrom fund has currently reached 'maximum cryptocurrency exposure', buying Bitcoin from $90,000 all the way down to $74,000, even believing that $74,500 is the lowest point of this bull market correction.
We have put all our cash into BTC, and now we are waiting for the altcoin season to come, ready to switch to some fundamentally strong coins, Hayes emphasized.
Tariffs and capital flows are being repriced, and Bitcoin is no longer falling with the stock market.
Hayes pointed out that Trump restarting the trade war is actually part of the rebalancing of capital between the U.S. and China. He believes that the structure of the U.S. long-term trade deficit will be rewritten, and tariff policies will force a return of Chinese capital, intensifying the global supply chain restructuring. The volatility in the bond market has become a key trigger point:
When bond market volatility increased in April and Trump announced new tariffs, U.S. policymakers quickly shifted towards a more moderate stance because they couldn't withstand the volatility.
Hayes emphasized that every time there is severe volatility in the bond market, the result is money printing. Next time, even if the stock market falls, Bitcoin won't fall again.
The altcoin season is coming, not driven by speculation but by 'fundamentals being king'.
Regarding the upcoming capital flows, Hayes believes that investors will focus on projects with 'real users, cash flow, and profitability'. He calls this phase 'fundamental season'.
He also revealed that his fund Maelstrom is currently focusing on projects including:
Pendle: A leader in the crypto fixed income market.
EtherFi: Launched a cash card on the Visa network that allows users to spend, borrow, and create stable cash flow through collateralizing ETH.
UPXI & Solana stock structure: A way for institutional funds that cannot buy coins directly to enter the market.
He believes that there are fewer than 50 projects in the market that truly have cash flow, and investors will no longer chase shell tokens but will choose projects that 'have a business running and provide returns to token holders'.
Don't fantasize about the government buying coins; what we should really strive for is the development of freedom.
When asked whether government agencies would enter the market to buy coins, Hayes calmly stated:
The government buys things for political reasons; don’t get too excited. If they buy quickly, they might also sell quickly.
He urged the industry to concentrate its efforts on fighting for true freedom:
Rather than lobbying the government to buy coins, we should strive to ensure that engineers can write programs safely without the fear of being arrested. This is what we should be doing.
In summary, Hayes stated that the Bitcoin bull market is not over, and monetary policy along with bond market volatility will continue to drive its value up. However, this altcoin season is not driven by speculation, but by 'fundamentals'. For investors, the timing to enter may not be far off.
This article discusses how quantitative easing has reignited the BTC bull market! Arthur Hayes: Bitcoin will bottom at 74K, and an altcoin season focusing on fundamentals will arrive, first appearing in Chain News ABMedia.
