Arthur Hayes -- Distributed 2018 / YouTube
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Arthur Hayes, the CEO of BitMEX, believes that Ethereum (ETH) could quickly return to the $200 level once new ICOs start hitting the market.

According to a recent interview with Cointelegraph Japan, Hayes sees the impending return of the initial coin offering (ICO) market as the main catalyst to spur bulls back into the leading smart contract platform.

“Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out,” Hayes said, adding that he sees the use case for ether primarily being ICOs.

This statement may come as a surprise, as Hayes previously went as far to publicly call ETH a “bigger shitcoin” than the dollar. This language sparked a significant backlash, especially on the EthTrader Reddit page.

Hayes’ prediction comes as token projects that conducted ICOs on the Ethereum blockchain continue to liquidate their ETH holdings, a process that really began accelerating in June of this year, and December was the highest month of withdrawals this year.

It is currently unclear what fundamental event will help bring back the ICO market, but it would be a welcomed outcome for ETH investors who have suffered losses over 90% in 2018.

More: BitMEX CEO: Ethereum ‘Will Quickly Test $200’ When ICO Market Returns
Similar: Anthony Pompliano Says Bitcoin (BTC) Will Drift Below $3,000

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.