Crypto markets are building momentum as institutional bets and macro tailwinds align, setting the stage for both bitcoin leadership and a broad altcoin resurgence. Maelstrom Fund co-founder and former Bitmex CEO Arthur Hayes posted on social media platform X on July 11 that he no longer holds a cautious view, citing bitcoin’s breakout above its all-time high on strong volume as the turning point.

Hayes previously flagged liquidity risks tied to the U.S. Treasury General Account (TGA) refill, but now sees the market absorbing those pressures. “I was slightly bearish in my last essay due to TGA refill. What changed? BTC busted through ATH on good volume. ETH is following and will outperform,” he opined, emphasizing:

Get ready for a monster alt szn.

Hayes attributed the shift in risk appetite in part to investor expectations that President Donald Trump may soften his stance on trade, writing: “Mrkt thinks Trump will TACO on tariffs, so fuck it: Maelstrom Fund is backing up the truck!” The post signals a decisive pivot by Maelstrom toward increased crypto exposure across the board—not just in bitcoin. The alignment of macro expectations and bullish technical indicators suggests broad participation is likely, with altcoins positioned to benefit from renewed retail and institutional interest during the next leg of the cycle.

In recent commentary, Hayes acknowledged the potential for a short-term dip in bitcoin to around $90,000 if TGA-related liquidity tightening materializes. However, he sees that as temporary within a larger thesis of structurally rising asset prices. He forecasted bitcoin reaching $1 million and the Nasdaq 100 multiplying fivefold by 2028. Hayes emphasized the importance of front-running fiscal-led liquidity waves, warning: “You will miss out on bitcoin pumping 10x to $1 million or the Nasdaq 100 spiking 5x to 100,000 by 2028.” Stablecoin adoption and Treasury policies, he argued, are already setting the foundation for this shift.

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