BitMEX Exchange Co-Founder Arthur Hayes Declares Crypto’s New Era: Revenue Over Speculation

The freewheeling days of easy crypto profits may be ending, according to BitMEX co-founder Arthur Hayes. In a candid interview, the Maelstrom CIO argues that sustainable revenue—not hype—will separate survivors from casualties in the next market cycle. His warnings come as bitcoin struggles to breach $100,000 amid persistent altcoin weakness.

Hayes reveals a fundamental shift in investment strategy, with Maelstrom now targeting cash-flowing crypto infrastructure businesses. "We're buying scaled operations with defensible economics," he states, describing a pivot toward traditional financial metrics. This approach contrasts sharply with the speculative frenzy that dominated previous bull markets.

The market landscape appears to validate Hayes' thesis. Bitcoin's dominance holds firm NEAR 59%, while the Altcoin Season Index shows most tokens languishing. "Much of the altcoin market remains a graveyard," Hayes observes, suggesting stablecoins and trading venues with real economic moats will consolidate power—especially under tightening U.S. regulations.