Arthur Hayes: 99% of altcoins going to zero is a normal cycle

Arthur Hayes stated at Consensus 2026 that although 99% of altcoins may go to zero, this phenomenon is similar to the historical turnover of S&P 500 component companies and does not mean the end of the industry. He pointed out that about 98% of S&P 500 companies have been eliminated since 1929, and market clearing is a normal cycle. The altcoin ecosystem will continue to exist and evolve.