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Highlights
- Arthur Hayes predicts Bitcoin dominance to reach 70% amid market volatility
- Glassnode data shows large Bitcoin whales at peak accumulation levels
- Price finding support at $74K, aligning with major supply cluster.
Bitcoin bull and BitMEX co-founder Arthur Hayes has shared that Bitcoin’s dominance in the cryptocurrency market will continue to rise. The BitMEX co-founder revealed in a recent tweet that he has been avoiding altcoin investments despite their decreasing prices.
Arthur Hayes Predicts Bitcoin Dominance Increase
Arthur Hayes has taken a clear stance on the current market situation. He is actively adding to his Bitcoin position while avoiding altcoin investments. Hayes also spoke about a potential interest rate cut in the U.S. and explained how it could happen in one of his recent tweets.
In his recent tweet, the BitMEX co-founder 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
Arthur Hayes specifically pointed to monetary policy as the driving factor behind his bullish Bitcoin outlook. He added: “So we are not gorging at the shitcoin supermarket. Remember, money printing is the only answer they have.” This comment suggests Hayes believes central bank policies will continue to favor Bitcoin as a hedge against inflation and currency devaluation.
The 70% dominance target is a substantial increase from Bitcoin’s current market share. Such a shift would imply major capital flows from altcoins back into Bitcoin.
Whale Accumulation Reaches Peak Levels
Amid Arthur Hayes’ Bitcoin prediction, on-chain analytics firm Glassnode has identified a pattern of Bitcoin accumulation among the largest holders. According to their data, Bitcoin whales holding more than 10,000 BTC reached a nearly perfect accumulation score of approximately 1.0 at the month’s turn. This means that there is intense buying activity over a 15-day period.
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
While this peak accumulation score has since moderated to around 0.65, it still shows continued steady buying from these major market participants. This level of whale accumulation stands in stark contrast to the behavior of smaller Bitcoin holders.
Glassnode noted: “Meanwhile, cohorts from <1 $BTC up to 100 $BTC have intensified their distribution, all trending toward 0.1–0.2. A clear and widening divergence between small and large holders.”
This difference in behavior between large and small holders often precedes major market movements. Historically, periods where whales accumulate while retail sells have preceded bullish phases in the Bitcoin market cycle.
Bitcoin Establishes support at $74,000
Bitcoin price appears to have established a support level around $74,000, according to data shared by Glassnode. Their analysis comes at a time when Bitcoin and altcoins have lost double-digit value in the last 24 hours.
The data shows this price point aligns with “the first major supply cluster below $80K – over 50K $BTC at $74.2K.” This supply zone is primarily composed of investors who were active in the market for approximately five months.
The strength of this support level will be important for Bitcoin’s short-term price action as the market moves through its current volatility. If this support holds, it could be a foundation for a potential recovery toward previous highs.
OKX partner Ted has highlighted a key technical level that could decide Bitcoin’s next directional move. “BTC is trying to reclaim the weekly 50-EMA level. This has acted as a bull/bear line for BTC,” Ted noted on X.
$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
According to his analysis, failure to reclaim this moving average could trigger further downside. He mentioned potential correction targets at “$69K-$70K (2021 highs) and even the $67K (Saylor average entry) level.” Conversely, successfully reclaiming the 50-EMA could spark a “relief rally.”
Ted’s analysis also comes at a time when the crypto liquidations breached $600 million and Bitcoin fell below the important $80,000 level.
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