Arthur Hayes, cofounder of BitMEX, has doubled down on Ethereum by repurchasing around 1,500 ETH, worth nearly $8.4 million at an average price of $4,233 per token. Hayes believes the second-largest cryptocurrency could soar to between $10,000 and $20,000 in the current market cycle.
Strategic ETH accumulation
In his latest remarks, Hayes said he could not ignore the market’s signals: “The chart says it’s going higher, so you can’t fight the market.” He revealed he had re-entered Ethereum after selling earlier positions, while also allocating funds to ecosystem tokens like Lido (LDO), EtherFi (ETHFI), and Pendle (PENDLE) (AInvest).
$20,000 Ethereum projection
Hayes projects ETH will trade in a range between $10,000 and $20,000 before the end of the cycle. His forecast is based on:
- Institutional adoption, with corporate treasuries and ETFs accumulating millions of ETH.
- Macro conditions, including expectations of looser monetary policy and favorable liquidity.
- Technical momentum, with Ethereum holding strong support and bullish long-term indicators (CryptoNews, Bitget).
Institutional inflows
According to market trackers, institutions have bought over 2 million ETH since June, signaling that Ethereum’s status as a core digital asset is solidifying. These inflows support Hayes’s conviction that ETH could outperform and test new highs in the coming cycle (Cryptonomist).
Market sentiment
Hayes’s move comes as Ethereum ETFs experience both inflows and outflows, reflecting short-term volatility. However, his bold call aligns with a growing narrative that Ethereum remains the backbone of decentralized finance (DeFi) and could benefit disproportionately if global liquidity expands.
Sources: The Cryptonomist, CryptoNews, Bitget, AInvest
