When fear drives the market: why disciplined accumulation of altcoins begins with a price decline

2026-01-12 08:18:20

The cryptocurrency market is tense, and this is exactly the moment when the most foresighted participants think systematically. According to Arthur Hayes, former head of one of the iconic crypto platforms, the current situation is more like a strategic opportunity than a crisis. Not for those chasing sensational news, but for investors who understand the connection between macroeconomics and the crypto market.

Macro-economic Catalyst: from the Fed to Altcoins

Hayes’s analysis is based on one observation: the Reserve Management Purchases (RMP) system implemented by the Federal Reserve of the USA is essentially a new form of quantitative easing. Once the market realizes this fact, we should expect a sharp rise in Bitcoin, followed by the entire crypto segment.

This is not speculation in the air. It’s logic based on the fact that monetary expansion policies traditionally stimulate demand for alternative assets. Bitcoin reacts first, but it also often drags the entire altcoin market along.

Ethena (ENA) as an example of foresightful investing

To give a concrete example of this concept, Hayes named Ethena as his main position among altcoins. Through his family office Maelstrom, he personally invested in this project.

Ethena (ENA) — a cryptocurrency project that provides synthetic USD-backed assets via on-chain architecture. As of writing:

Current price: $0.23
Market capitalization: $1.81B
Circulating tokens: 7,957,812,500

Choosing Ethena reflects a strategy: not just looking for cheap coins, but seeking projects with solid technological foundations and practical applications that are currently undervalued by the market due to panic sentiment.

How to recognize a real opportunity amid noise

The simple question remains: how to distinguish true valuable assets from ordinary speculative traps? Hayes proposed a clear framework.

First, ignore just low prices. Many altcoins fall not because of temporary panic, but because their projects lack any potential. Focus on fundamental indicators:

What problem does this project solve?
Who is behind it?
How is the token economy built?
Are there real users and usage volumes?

Second, the size of the position is everything. In a volatile market, risk management is everything. Never put more on the line than you are willing to lose.

Third, understand the microstructure of the market. Know how order books work, where liquidity concentrates, how prices can be manipulated. This protects against unexpected moves.

Accumulation as a strategy, not as speculation

Hayes does not advocate for quick trading. On the contrary, he assures that this is a phase of long accumulation. The recovery will be gradual, possibly taking months. But the fact that most investors are scared and actively selling creates a window for disciplined players.

The key psychological point: the biggest profits come not when everyone is happy about prices. They come when fear dominates, and you are one of the few who prepared.

Practical steps for navigating uncertainty

For those who decide to act:

Conduct deep analysis — do not buy based on hype or Twitter tips. Study the project documents, read the code (if you can), learn about the team.
Set clear position sizes — determine how much you can afford to lose, and do not exceed this amount.
Be patient — this is not day trading. It’s a strategy for months and years.
Monitor macroeconomic signals — when the Fed makes an official policy statement, when Bitcoin starts moving more actively, these are signals to review your positions.

Conclusion: a window that does not stay open forever

Arthur Hayes simply advised investors to play smart: during panic, when altcoins fall, the best projects become available at prices that will not be repeated.

This requires discipline, understanding market mechanics, and confidence in your analysis. But that’s what separates accumulation masters from the crowd that buys at peaks and sells at bottoms.

Time to wait is disappearing quickly. When the recovery begins, current cheap prices will already be history.

BTC1%

ENA-3,83%

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