Ethereum Purchaser Arthur Hayes Returns Investment Amid Price Surge, Vows to Abstain from Profit-Harvesting
In a surprising turn of events, Arthur Hayes, a seasoned veteran in the cryptocurrency industry and co-founder of BitMEX, has reversed his bearish stance on Ethereum (ETH) after the second-largest cryptocurrency broke past $4,000 and marked a new multi-year high of $4,200 in the past few days.
Hayes, who had initially sold over $8 million worth of ETH expecting a price drop to around $3,000, was surprised by ETH’s sharp rally, which surged about 20% in a week. In a move that signalled his newfound confidence in ETH's continued upward trajectory, he promised not to take profits again.
Previously, Hayes had predicted that Ethereum would hit $4,000 soon and suggested that the path to $10,000 was becoming clearer. He cited growing institutional interest, ETF inflows, and macroeconomic drivers like U.S. credit expansion and wartime economic policies as catalysts for a major rally that could send ETH to $10,000 by the end of 2025.
Hayes highlighted the role of increased institutional adoption and confidence among financial influencers as key to the rally's strength, while also noting Ethereum’s robust developer ecosystem compared to competitors like Solana. Despite some technical signals of overbought conditions and minor profit taking near $3,800-$4,000, strong ETF inflows and backing from institutions like BlackRock have sustained Ethereum’s bullish momentum.
The reversal past $4,200 is viewed by Hayes as a significant bullish confirmation after a recent sell-off. However, he cautioned that the crypto market remains volatile and subject to turbulence. In the past, he had expressed a desire to "buy it all back" in reference to Ethereum (ETH), after his earlier prediction of a price drop. Yet, he did not mention any specific reason for his decision to buy Ethereum (ETH) again, beyond his earlier belief in an upcoming market-wide correction.
It's important to note that the crypto market typically tends to move in the opposite direction of what people expect. Despite the market being in the red after Trump's latest actions and nuclear submarine movements, the price gains in Ethereum (ETH) are notable.
Last week, the current Maelstrom exec sold a significant portion of his crypto portfolio, including Ethereum, PEPE, and ENA holdings. However, Hayes' decision to sell his crypto holdings was due to his belief in an upcoming market-wide correction, not a lack of faith in the long-term potential of Ethereum.
In conclusion, Arthur Hayes, co-founder of BitMEX, has reversed his bearish stance on Ethereum (ETH) and now projects it could reach $10,000 by the end of 2025. He attributes this bullish outlook to macroeconomic and institutional trends, and views the recent price breakout past $4,200 as a clear reversal point toward a long-term rally potentially reaching $10,000. Despite the crypto market's volatility, Hayes remains optimistic about Ethereum's future.
- Arthur Hayes, once bearish on Ethereum (ETH), has now projected its potential to reach $10,000 by the end of 2025, attributing this bullish outlook to macroeconomic and institutional trends.
- Hayes views the recent price breakout past $4,200 as a significant bullish confirmation, despite the overall crypto market's volatility and recent sell-off following certain events.
- Despite selling over $8 million worth of ETH initially, Hayes, co-founder of BitMEX, has promised not to take profits again due to his newfound confidence in ETH's continued upward trajectory.
- Hayes sees increased institutional adoption, growing institutional interest, and robust developer ecosystems as key factors driving Ethereum's (ETH) rally, even as some technical signals suggest overbought conditions.
