Former BitMEX CEO Arthur Hayes believes altcoins won't see a resurgence until Bitcoin surpasses $70,000 and Ethereum the $4,000 mark. 

In a recent blog post, the crypto billionaire said that both Bitcoin and Ethereum have shown resilience despite recent market corrections, largely due to structural support from inflows into U.S.-listed exchange-traded funds (ETFs).

“During this cycle, Bitcoin and now Ether have structural bids in the form of net inflows into US-listed exchange-traded funds (ETF),” he wrote.