Hayes Predicts 70% Bitcoin Dominance

Arthur Hayes, BitMEX co-founder and known Bitcoin bull, anticipates a significant rise in Bitcoin's dominance within the cryptocurrency market. He recently tweeted about consistently adding to his Bitcoin holdings while avoiding altcoin investments, despite their lower prices.

Bitcoin Dominance: Hayes' Prediction

Hayes' bullish Bitcoin stance is driven by his belief that U.S. interest rate cuts are imminent, a factor he's discussed publicly. He stated on X (formerly Twitter): "Been nibbling on $BTC all day, and shall continue. Shitcoins are getting in our strike zone but I think #bitcoin dominance keeps zooming towards 70%. So we are not gorging at the shitcoin supermarket. Remember, money printing is the only answer they have."

Been nibbling on $BTC all day, and shall continue. Shitcoins are getting in our strike zone but I think #bitcoin dominance keeps zooming towards 70%. So we are not gorging at the shitcoin supermarket. Remember, money printing is the only answer they have.

— Arthur Hayes (@CryptoHayes) April 7, 2025

This prediction suggests a massive capital shift from altcoins to Bitcoin. Hayes' view is that central bank policies will continue to favor Bitcoin as an inflation hedge.

Peak Whale Accumulation

On-chain data from Glassnode reveals significant Bitcoin accumulation among large holders (whales). Their data showed whales holding over 10,000 BTC briefly achieving a near-perfect accumulation score of approximately 1.0 at the start of the month, indicating intense buying over 15 days. While this has since eased to 0.65, it still signals ongoing accumulation.

Whales holding >10K $BTC briefly hit a perfect accumulation score (~1.0) at the turn of the month, reflecting intense 15-day buying. The score has since eased to ~0.65, still signaling steady accumulation.
Meanwhile, cohorts from <1 $BTC up to 100 $BTC have intensified their… https://t.co/cEo3F7Paid pic.twitter.com/7udA7G8nSM

— glassnode (@glassnode) April 7, 2025

Conversely, smaller holders are showing intensified distribution. This divergence between large and small holders often precedes significant market movements, historically suggesting a bullish phase.

Bitcoin Price Support and Technical Analysis

Glassnode indicates Bitcoin price support around $74,000, a level coinciding with a major supply cluster. OKX partner Ted points to the weekly 50-EMA as a key technical indicator. Reclaiming this level could trigger a rally; failure to do so may lead to a correction towards $69,000-$70,000 or even $67,000.

$BTC is trying to reclaim the weekly 50-EMA level.
This has acted as a bull/bear line for BTC.
If BTC fails to reclaim it, expect a correction towards $69K-$70K (2021 highs), and even the $67K (Saylor average entry) level could be retested.
In case BTC reclaims this level, a… pic.twitter.com/CtsyZ7q3FH

— Ted (@TedPillows) April 7, 2025

This analysis comes amidst recent crypto liquidations exceeding $600 million and Bitcoin dipping below $80,000.

Disclaimer: This information is for educational purposes only and should not be considered investment advice. Conduct thorough research before making any investment decisions. Codeum is not responsible for any personal financial losses.