Hayes Dismisses Bitcoin Drop as Temporary Amid Global Tensions

Bitcoin (BTC) briefly slipped below $100,000 for the first time in over six weeks, sparking concern across the market. However, BitMex co-founder Arthur Hayes isn’t worried, viewing the drop as temporary and expecting Bitcoin to prove its strength soon after.

Bitcoin Recovers After Brief Slip Below Key Level

The price of Bitcoin fell to $98,000 on Sunday, June 22, shortly after the United States launched strikes on Iranian nuclear facilities. Such events usually trigger cautious behaviour from investors, especially with risk-based assets.

However, Hayes remains confident that BTC will bounce back, as he believes the current weakness is temporary. He expects Bitcoin to reassert itself as a safe-haven asset, especially as central banks around the world prepare to ramp up liquidity. He stated:

Do you hear that? … it’s the sound of the money printers revving up to do their patriotic duty. This weakness shall pass and $BTC will leave no doubt as to its safe haven status.

Arthur Hayes

As of the time of writing, Bitcoin had pushed back above $101,000. The quick rebound helped settle nerves after the sharp drop.

Changpeng Zhao, co-founder of Binance, shared a similar view, noting that a dip usually comes before a new all-time high. Thus, this kind of pullback is no reason to panic.

On-Chain Data Points to Market Stability

Beneath the surface, the blockchain tells a calmer story. Long-term Bitcoin holders aren’t flinching. On-chain analyst Avocado, writing on CryptoQuant, examined the Binary Coin Days Destroyed indicator. 

The analyst noted that right now, the reading is well below 0.8—a point where past corrections often began. It recently peaked at 0.6 and is now falling, suggesting that seasoned holders are keeping their positions.

This kind of data points to a quiet phase, not an overheated one. Historically, periods like this often lead into major upward moves. When the market slows down, it often sets the base for the next leg higher.

Markus Thielen, head of research at 10x Research, sees the $98,000 to $102,000 range as critical. He told Cointelegraph that, if Bitcoin stays within it, there’s room for short-term gains. But if it slips below, he warns that traders may need to start focusing on managing risk rather than chasing returns.

Thielen believes Bitcoin’s price may keep trading sideways for now. Without clear triggers, it could stay in a tight range for a while.

Institutional Interest Remains Strong Despite Volatility

Despite the wobbles, big players haven’t lost interest. Institutional confidence remains strong and steady.

Japanese investment group Metaplanet has added 1,111 BTC to its holdings, bringing its total to 11,111 coins—valued at over $1 billion. This follows a recent purchase of 1,112 BTC on 15 June. Moves like this show that major firms are still betting on Bitcoin’s long-term value.

Meanwhile, in the United States, Texas has passed a law that allows the state to hold Bitcoin in a strategic reserve. It’s a clear signal that governments are starting to treat Bitcoin as more than just a speculative asset.

Altcoins Could Be Next in Line

As Bitcoin holds its ground, the spotlight may soon shift to altcoins. Analyst and long-time trader Crypto Beast believes the conditions are lining up for a classic altseason.

He says he’s seen this setup before—and every time, it’s followed by sharp rallies across smaller coins.

Here’s what’s building under the surface:

• Bitcoin dominance nears resistance, while ETH/BTC sits close to a key support zone
• Stablecoin inflows rise, and Google searches hint at retail interest picking up pace
• Chart structure mirrors past cycles where altcoins surged after Bitcoin topped out
• Capital is rotating out of large caps into mid- and low-tier tokens, a typical early sign
• Despite the silence, altcoins are gaining traction and may be next to lead the rally

Even with uncertainty still in the air, the broader outlook hasn’t changed. Bitcoin has returned to $101,000 and continues to receive backing from traders and institutions alike, signaling ongoing confidence despite current turmoil.