Autor Cointelegraph By Ciaran Lyons

Despite Bitcoin failing to hold above $80,000 following the recent rally, the cryptocurrency is unlikely to revisit the lower price levels it has hovered near for much of this year, according to CoinMarketCap Head of Research Alice Liu.“I think we might have already touched the bottom,” Liu tells Cointelegraph on Trade Secrets, referring to Bitcoin falling to around $59,000 in June this year, approximately 53% below its October all-time high of $126,100. Bitcoin recently tapped $81,600 at the start of September, an approximate 28% rally since mid-August. It pushed the CoinMarketCap Crypto Fear & Greed Index, which measures overall sentiment in the crypto market, back up to Greed after posting Fear scores for most of the year.However, Liu says some of the more interesting narratives are unfolding outside Bitcoin, particularly in the markets for tokenized real-world assets and perpetual futures. “For Hype [Hyperliquid], there are two things I want to mention. Number one is the activity, and number two is the price, because the network activity doesn’t necessarily translate to the price, and vice versa,” she says.Hyperliquid ‘still leads’ says Alice Liu“One interesting thing is I was looking at the RWA perps for the past two months, so the perpetrals backed onto tokenized stocks, tokenized ETFs, and tokenized indices,” she says. Liu said that while Hyperliquid currently holds market share, that might not always be the case as centralized exchanges swoop in.“Tokenization of the perps, people normally traded on Hyperliquid. But since Binance started to launch the RWA perps, the volume and liquidity quickly moved to Binance,” Liu says. “Binance takes about 50% of the market share. But when it comes to DEX, Hyperliquid still leads in that space,” she says.Hyperliquid is up 47.50% over the past 30 days. Source: CoinMarketCap“Hyperliquid is still a venue where a lot of the liquidity is getting aggregated, and a lot of the product’s scale is created there.” On the Hyperliquid token’s price, Liu points to a different driver. “Hype did hit an all-time high recently: $86. And what’s really interesting is the buybacks.” She explains that Hyperliquid is leading the pack in token buybacks, which is when a project uses its revenue to buy back its own tokens on the open market.“Hype has spent over $400 million USD on token buybacks. So I think some of this price action momentum we’re seeing is supported by that as well,” Liu says.She says that Hyperliquid only has a small amount of tokens unlocked, so we’ll continue to see the token unlocks gradually come out.Alice Liu is more cautious on the AI-crypto narrativeLiu says that means the Hype price is dependent on revenue flowing in to support buybacks.“So, will we have enough activity on the network to generate the revenue to continue with the buybacks to support the price level? I think that’s one of the key things to watch.” While Liu remains bullish on Hyperliquid, she is more cautious on the AI-crypto narrative, particularly AI tokens with little or no utility that surged in popularity in late 2023.“They are facing such big competition at the moment with the actual AI stocks, all the memory stocks, and all the AI companies. So I think that might be the competitor they’re facing,” Liu says“For the previous cycle meme-ified AI tokens that do not have any utility or infrastructure, and are purely just backing onto a concept. I think those could potentially go to zero,” she says.However, Liu emphasizes that there are “some really solid” AI infrastructure projects. “I think they will have utilities too. But even then, I think they’re likely to get a price discount,” she says.Liu says Bitcoin and the broader crypto market are being underestimated as a place to park funds in the current economic environment, but she takes a more conservative view than Coinbase CEO Brian Armstrong and ARK Invest CEO Cathie Wood, who have both predicted Bitcoin will reach $1 million by 2030.“Bitcoin to $500K by 2030,” Liu laughs.“It’s not unlikely that we might hit one million, but I’ll give it a more conservative answer,” Liu adds.Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.

Bitcoin has all the factors in place to a seven-figure price over the next four years, according to BitMEX co-founder Arthur Hayes.But he’s buying ETH right now, because he believes it could easily do a “3x to 5x pretty quickly.”On the latest episode of Trade Secrets, Hayes says the collapse of the AI bubble, “massive” money printing, and potential US yield curve control are among some of the reasons why Bitcoin could go to $1 million by 2030“We have the ingredients. The time is now. So I think the $58,000 was probably the bottom in Bitcoin, and now it’s going to grind higher in this hate fuck rally,” the 41-year-old billionaire says.Hayes’ prediction comes just a couple of weeks after 10x Research head of research Markus Thielen told Trade Secrets that reaching that figure by 2030 was “mathematically impossible.” He argued that the amount of capital inflows Bitcoin saw over the past 15 years that pushed it to the current price suggest it has little chance of attracting the trillions in inflows over the next four years required to reach $1 million.Arthur Hayes loses interest in Hyperliquid While Hayes is still bullish on Bitcoin, he is less optimistic than he once was about Hyperliquid’s future upside d.Bitcoin is up 22.15% over the past 30 days. (CoinMarketCap)“I don’t think there’s that type of asymmetry in the price right now. Everybody knows that Hyperliquid is here,” he says. “It’s not an it’s not this like unknown thing that’s outperforming expectations, right? […] There are massive expectations now on Hyperliquid.” “That doesn’t necessarily mean it’s not going to go up in price, but I think there’s better risk-reward at least for the capital at Maelstrom to deploy into the shitcoin space than Hype,” he says.The comments come shortly after US President Donald Trump said the US is working to bring Hyperliquid into the country. However, Hayes, who was pardoned by Trump in 2024, now says the president has little influence over crypto asset prices.“It’s irrelevant. What Trump says or does is irrelevant. Look at what Bessant does. Read the Treasury, read the Fed, read the monetary authorities. Like Trump is just a very entertaining politician, but he has no effect on the price of Bitcoin,” Hayes says.Hayes also questioned whether Trump would be willing to spend the political capital required to push through crypto legislation such as the CLARITY Act, particularly when other issues matter more to the average voter. He suggested that the “median under-sighted voter” does not care about the legislation.Hayes ‘feels excellent’ about BitMEX shutdownHayes began his career as an equity derivatives trader at Deutsche Bank and Citibank in Hong Kong after graduating from the University of Pennsylvania in 2008. Hayes co-founded the pioneering crypto derivatives exchange BitMEX in 2014 alongside Ben Dolo and Samuel Reed. The exchange recently announced it would be shutting down on Sept. 23 and urged users to close positions and withdraw funds before the deadline. Hayes says it “feels excellent” that the exchange is shutting down on its own terms.“We shut it down because we wanted to shut it down, not because we got hacked,” he says, adding that it is the “best way” to go.“We landed the plane on our own terms,” he adds. Hayes says that competition is now so fierce that running a crypto exchange now is “really a mug’s game” unless you have the scale of a major player like Binance or OKX.“There’s no point in even playing because it’s just so expensive to secure it, so expensive to run the tech in the data centers, like it doesn’t make any sense as a business,” Hayes says.Hayes’s number one pick is EthereumHayes says that his “number one pick” at the moment is Ethereum. “I think that is a better risk-reward for a spare unit of fiat that’s gonna be deployed into crypto than Hyperliquid,” he says. “That doesn’t necessarily mean that Hyperliquid won’t rise in price. I just don’t think it’s poised for a 5x, and like where I think Ethereum could do, you know, 3x to 5x pretty quickly,” he says.“Everybody hates it. It’s the one megacap crypto that has not eclipsed its 2021 all-time high.”Hayes points out that it is the base layer for DeFi and, while “hated” for many reasons, is long overdue for a surge. “I think now it’s time to perform because it’s been so beaten down and so forgotten. And we saw it rip 20% when Bitcoin ripped,” he says.Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.

Bitget CEO Gracy Chen isn’t convinced that Bitcoin’s recent rally to $79,000 marks the end of the bear market.She is keeping a significant portion of her portfolio in stablecoins and watching for a drop of more than $25,000 from current prices as a potential level to buy back into Bitcoin. “I would say $50K is the number that I’m looking at for my personal Bitcoin buyback sort of price,” Chen tells the Trade Secrets show.That being said, Chen isn’t claiming to have any special insight into where Bitcoin’s notoriously unpredictable price is headed. She also thinks its possible Bitcoin could end the year $20,000 higher. “I’m just an exchange CEO,” Chen laughs. “We are not good at analyzing Bitcoin price. We’re just good at providing a trading platform for all the analysts and traders to trade,” she adds.Gracy Chen isn’t expecting Bitcoin to be up only from here. (CoinMarketCap)Chen is also far from alone in expecting Bitcoin to potentially move lower, despite Bitcoin being up more than 20% in the past week.Transform Ventures founder Michael Terpin told Trade Secrets at the beginning of August that “we still have more pain to go.” Terpin believes that Bitcoin will ultimately fall “66%” from its October 2025 all-time high of $126,100. “I think that brings us down into the 40s, and I think that’s about where we’re gonna go,” Terpin says. Before this week’s rally, veteran trader Peter Brandt also tipped Bitcoin’s price to reach a bottom on Oct. 4.Chen isn’t putting a firm date on Bitcoin’s potential move to $50,000, she just believes it’s likely:“I wouldn’t say whatever I predicted is that meaningful, but again it’s just my personal sort of thought around now. I don’t have a particular date or month in mind for when I think Bitcoin could hit $50,000. Later this year might be a good estimate, or maybe next year.”While Chen is humble enough to describe herself as “just an exchange CEO,” that really undersells what she has accomplished over her 36 years.Who is Gracy Chen?Chen first studied Applied Mathematics at the National University of Singapore before earning an MBA from MIT Sloan School of Management.But her career did not begin in business — unless show business counts. In 2014, she joined Phoenix TV as a host and producer, where she began attending financial events and interviewing technology and business leaders, experiences that would eventually lead her toward entrepreneurship.Over the next few years, Chen founded two companies. The first was Accumulous, which provided platform-as-a-service solutions for businesses in China, covering areas including labor subcontracting and income settlement. In 2017, she went on to launch ReigVR.Chen became interested in crypto after a meeting with billionaire Bitcoin investor Tim Draper and his crypto team. This led her to begin in crypto marketing roles, before ultimately becoming the managing director of Bitget in 2022 and then taking on the CEO role in 2024.Gracy Chen is not interested in altcoinsDespite running a crypto exchange with many different tokens, Chen is not particularly enamoured with altcoins. “Most of my portfolio is in either Bitcoin or the S&P 500. I don’t trade that much because of my busy schedule running a large exchange,” Chen says.Chen estimates that “less than 1%” of her portfolio is in Ethereum and Solana.There is one altcoin that she has been excited about, however. “I do like Hyperliquid, and I think HYPE also went up a lot…because of the more crypto-friendly policy towards them. So that’s probably one coin that I’m bullish on right now, especially if CFTC really finds a way to let Hyperliquid enter the US market properly,” Chen says. President Trump this week indicated that the CFTC chair Mike Selig was working on allowing Hyperliquid to officially trade in regulated US markets.Chen is not shy about her hatred for memecoins and is fairly confident that we won’t see another memecoin season like in previous cycles, because too many investors have been burned. “Retails are not stupid,” Chen says.Gracy Chen does not believe Bitcoin will reach $1M by 2030Chen also doubts Bitcoin can reach $1 million by 2030, a question that has become a recurring topic on Trade Secrets. Markus Thielen recently told the show that the target looks unlikely, despite bullish calls from Brian Armstrong and Cathie Wood.Chen points to Bitcoin’s diminishing returns across its four-year cycles as a key reason.“The reason being if you look at the past four-year Bitcoin cycles, the ratio of the all-time high in that cycle to the all-time low in that cycle keeps decreasing,” she says.Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.

The numbers behind the oft-cited prediction that Bitcoin will reach $1 million by 2030 simply don’t add up, according to Markus Thielen, head of research at 10x Research.“It’s mathematically impossible,” Thielen tells Cointelegraph on Trade Secrets, arguing that Bitcoin’s historical capital inflows over the past 15 years fall far short of the amount it would need to attract over the next four years to reach $1 million. “We have seen $1 trillion US dollars of inflow to bring the market cap really to $1 trillion. To $1 million [per] Bitcoin. It’s 15x, I think, from here,” Thielen says.At the time of publication, Bitcoin’s market cap is around $1.28 trillion, with its price trading at $63,868, according to CoinMarketCap.Thielen estimates that Bitcoin would need to attract another $15 trillion in capital to reach a per Bitcoin price of $1 million. This is equivalent to roughly 25% of the US stock market’s total value flowing into Bitcoin over the next four years.“It would require trillions,” says Thielen“It takes trillions and trillions of dollars to move the price really materially higher, and that’s why we are not as bullish as those arguments which we think are totally mathematically unrealistic because it would require trillions,” Thielen says.Bitcoin is down 2.35% over the past 30 days. (CoinMarketCap)Thielen says the higher Bitcoin’s price goes, the weaker retail sentiment becomes, partly due to the psychology of investors wanting to own a whole unit of an asset.“I think a lot of people kind of wondered, maybe I should just rather buy a new car than buy one Bitcoin, or should I really work a whole year for just one Bitcoin?” Thielen says. “People don’t want to buy a tenth or a hundredth of a Bitcoin; they want to buy a whole Bitcoin. You don’t want to buy a fraction of a painting.”“Satoshis doesn’t really sound as interesting as Bitcoin,” Thielen says.He warns Bitcoiners not just to expect Bitcoin to rebound as it has in previous cycles, and the $126,000 all-time high may not reappear as quickly as investors expect.“Usually, it takes some time because we are at a higher market cap, and that usually takes a lot of money to push the Bitcoin price higher. So I wouldn’t argue that next year we’re gonna see new highs. If we go back to, let’s say, $100K, that would already be, I think, a big, big achievement,” Thielen says.$1 million Bitcoin has been touted by well-known industry executivesThe prediction that Bitcoin will reach $1 million by 2030 has been made by prominent industry figures, including Coinbase CEO Brian Armstrong, former Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood. Thielen argues that such bold forecasts are an easy way for executives to generate media attention.(Brian Armstrong)“Round numbers and the higher the number, the more it’s being quoted by the press,” Thielen says, arguing that extravagant predictions tend to do more harm than good.“These optimistic price targets tend to hurt retail investors because they sort of think, OK, if this is only halfway right, then I’m gonna make a lot of money,” Thielen says.“I think nearly everybody was still very bullish and projected higher prices [but] we came into the year already quite conservative, and you know, I think our conservative approach has been the right strategy,” Thielen says.Cointelegraph asked Thielen which year Bitcoiners might reasonably expect Bitcoin could reach $1 million. “I don’t want to say never, but I do think, you know, a million is really a high number,” Thielen says.“It would require, you know, a major credit event, implosion of everything.”Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.

Crypto is finally shaking off the “get rich quick” reputation that has defined the industry for more than a decade according to Nansen founder and CEO Alex Svanevik — and it’s not just because nobody’s getting rich right now.“Crypto assets have kind of been like the ‘toy world’ era of blockchains. And now we’re moving into the real-world era, where you see tokenized stocks, you see people trading indices like the S&P 500 and Hyperliquid,” Svanevik tells Magazine on the Trade Secrets show.“I think the interesting spot that blockchains are in right now is that they are basically giving a lot of room for non-crypto assets,” Svanevik says.There are a couple of blockchains that Svanevik is particularly bullish on. While Hyperliquid has captured a lot of attention in the industry recently, Svanevik says Solana is still one of the strongest long-term blockchain ecosystems despite its reputation as the home of meme coins.Industry has a ‘ridiculous’ misconception about Solana“There’s been this view that Solana is just for meme coins, which I think is completely ridiculous,” Svanevik says, arguing that there is a lot more to the blockchain, given the “incredible team” behind it.“Maybe the most effective BD team, if we think broadly, behind that chain; they really are here to win,” Svanevik says.Solana’s price is down 9.60% over the past 30 days. Source: CoinMarketCapHowever, he is not putting any bets on what that means for the SOL price in the coming twelve months:“I think Solana overall as an ecosystem and as a chain is going to do well. I don’t know what that means for the SOL price. I mean intuitively you’d imagine that it’s gonna go up based on what I’m saying.”Svanevik is one of the crypto industry’s best informed pundits, considering the company he leads, Nansen, is a blockchain analytics firm that tracks millions of labeled wallets and analyzes user activity across networks. Svanevik founded Nansen in 2019 alongside Lars Bakke Krogvig and Evgeny Medvedev.A few years afterward, Svanevik expanded his involvement in the industry, joining the advisory board of penguin-themed NFT collection Pudgy Penguins in August 2022.Svanevik is also bullish on the Ethereum layer-2 network, Robinhood chain, which launched on July 1 this year. “Robinhood seems to kind of rise up as like a big contender to Base. It’s really interesting because Robinhood has such excellent distribution,” Svanevik says. Unfortunately for traders looking to get in early on a trade, he isn’t convinced that Robinhood will launch a token.“They clearly don’t need to, right? A lot of projects launched tokens as a way to bootstrap excitement in a user base,” Svanevik says.He also argues that it would be counterintuitive for Robinhood to launch a product that competes with its own stock, given the company is listed on the Nasdaq. “You should just channel all of that value into the HOOD stock. That’s kind of the first thought,” Svanevik says.“They’ve been able to launch Robinhood chain and get tons of traction without a token.”Bitcoin may be near a bottomWhen it comes to Bitcoin’s price outlook, Svanevik says the market may be approaching a bottom, suggesting that the current level around $60,000 could mark Bitcoin’s cycle low.Bitcoin is up 1.50% over the past 30 days. Source: CoinMarketCap“My personal view is that I don’t think Bitcoin’s gonna go back below $60,000,” Svanevik says. “I think that’s the past… I think forever,” he says. He bases this on the belief that Bitcoin serves as a hedge against central bank money creation, and he doesn’t see the global monetary expansion cycle coming to an end anytime soon.Bitcoin analysts have been divided over whether the cryptocurrency has already found its bottom after falling to around $60,000 in early February, before bouncing, dipping below the level again and now trading largely sideways.Veteran crypto investor Michael Terpin recently told Cointelegraph that the asset still has further to fall before hitting rock bottom.“We still have more pain to go,” Terpin told Cointelegraph on the Trade Secrets show. Terpin said that Bitcoin will ultimately fall “66%” from its October 2025 all-time high of $126,100. “I think that brings us down into the 40s, and I think that’s about where we’re gonna go,” Terpin said.Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.