🟡BitMEX co-founder Arthur Hayes has warned investors against placing too much hope in the recovery of most altcoins. According to him, a large number of these projects suffer from poor product-market fit and an inability to generate revenue. He was particularly critical of overvalued tokens backed by venture capital, calling them “VC coins” — assets with no real users or sustainable business models.
🟡However, Hayes does see some exceptions. He highlighted Ethereum as an asset with the potential to outperform the market, despite the current wave of skepticism. In his view, deeply entrenched negativity may actually create growth opportunities. Hayes also noted that the survival of altcoins depends on delivering real value — pointing to projects like Pendle and EtherFi, where revenue is returned to token holders.