Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. BitMEX founder Arthur Hayes has opined on when altcoin season will start. Hayes believes that assets tied to projects that generate and share revenue will perform best.

The market analyst’s altcoin take comes as he continues to sound bullish on Bitcoin. Things can change quickly in financial markets, and the cryptocurrency market is no different. Just over a week ago, market sentiment was in the dumps, and analysts were suggesting that cryptocurrencies were in a bear market.

Now, after a positive decoupling from stocks on Monday and a broader market surge on Tuesday, investors are hopeful again. And as has often been the case with broader cryptocurrency market rallies, talk of altcoin season or altseason, a period when alternative cryptocurrencies grossly outperform Bitcoin, yielding mouthwatering returns for holders, is again gaining momentum. Amid the chatter, BitMEX founder and Maelstrom Chief Investment Officer Arthur Hayes has offered insight into when this long-awaited period could kick off.

Don't Miss: Arthur Hayes On Wen Altcoin Season In a Wednesday blog post, Hayes said altcoin season will start after Bitcoin hits fresh all-time highs above its January record of nearly $110,000 per coin. “Once Bitcoin breaches $110,000, the previous all-time high, it will likely surge, further increasing dominance. Maybe it just misses $200,000.

Then the rotation begins,” he wrote. Still, Hayes warned that not all coins would do well in the potential altcoin season. “The tokens that will do the best are those connected to projects earning both profit and passing said profit back to staked token holders,” he asserted.

Hayes said this while arguing that high-risk cryptocurrency investors were seeking projects with high yields generated from sustainable real profits. The prominent market analyst’s statements on altcoin season come as he continues to sound bullish on Bitcoin in the wake of broader market uncertainty. Trending: New to crypto?

Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. ‘Up Only' for Bitcoin? In Wednesday’s post, Hayes argued that President Donald Trump‘s heavy-handed and erratic tariff policies only benefited Bitcoin.

He said it would push investors with U.S. stocks or bonds to seek safe haven assets untethered to the legacy financial system.