Bitcoin bull and former BitMEX CEO Arthur Hayes has projected that Bitcoin’s dominance in the crypto market could rise to 70%. This forecast comes as on-chain data shows strong accumulation from Bitcoin whales. Hayes confirmed his stance via social media, reinforcing his preference for Bitcoin over altcoins in the current market conditions.
Arthur Hayes Sticks With Bitcoin Amid Market Downturn
Arthur Hayes expressed confidence in Bitcoin through an X post, where he shared that he has been buying more BTC. He indicated that he is not investing in altcoins despite their recent decline in prices. Hayes stated, “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%.
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
Hayes also commented on monetary policy, saying that central banks will continue printing money, which could favor Bitcoin. He added, “So we are not gorging at the shitcoin supermarket. Remember, money printing is the only answer they have.” His remarks suggest that macroeconomic trends are a key driver of his bullish view.
Bitcoin currently holds a market dominance of around 54%, according to data from TradingView. A rise to 70% would represent a major shift in capital from altcoins into Bitcoin.
Whale Accumulation at Peak Levels
The accumulation score of Bitcoin whales holding more than 10,000 BTC has reached close proximity to 1.0 according to Glassnode metrics. The 15-day buying pattern reaches a strong point when this metric indicates buying activity. Large investors continue to show buying demand, according to the current score of 0.65.
The Bitcoin holder demographic comprising smaller participants displays distribution tendencies. Glassnode reports that Bitcoin addresses containing between 1 BTC and 100 BTC show declining accumulation numbers at 0.1 to 0.2. Market prices have experienced major changes in the past, following the point when large investors started to make different decisions from smaller investors.
Institutional and large investors continue to demonstrate confident behaviors because they perceive Bitcoin will sustain long-term value increase. Market analysts closely monitor whale movements because whale activities usually constitute major market directions.
Bitcoin Finds Support Near $74,000
Bitcoin has established temporary support at around $74,000 as Glassnode experts document. The purchase of more than 50,000 BTC created a powerful supply cluster at this price level. A sustainable selling pressure in the market could use this level as fundamental support.
Investors who participated five months earlier established the $74,000 price level, which might strengthen its support capacity. The area around $74,000 could become a platform for stabilization that would lead to recovery attempts in the upcoming days.
Technical Levels Signal Mixed Outlook
Technical analysts use the weekly 50-EMA as an essential indicator for Bitcoin price tracks. Ted observed that Bitcoin price regaining its 50 EMA could possibly trigger short-term market gains. Bitcoin may decline to these strategic marks of $69,000 and $67,000 if it fails to hold the weekly 50-EMA level.
$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
The market analysis of Ted supports current market conditions showing Bitcoin falling under $80,000 while cryptocurrency suffered over $600 million losses. Current market conditions stay difficult to predict as investors monitor both support areas and institutional market activity patterns.
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