According to ChainCatcher, Arthur Hayes, co-founder of BitMEX, said that the recovery of the altcoin market needs to wait for Bitcoin and Ethereum to break through key price levels. Although Bitcoin and Ethereum have pulled back since April, they have avoided a sharp decline in the altcoin market thanks to the net inflow of US-listed ETFs.

He predicts that the altcoin season will only reappear after Bitcoin breaks through $70,000 and Ethereum breaks through $4,000. Solana may break through $250, but its wealth effect on the overall crypto market is not as good as Bitcoin and Ethereum.

He believes that the rise of Bitcoin and Ethereum driven by US dollar liquidity before the end of the year will lay the foundation for the recovery of the altcoin market.