In a recent interview on the Bankless podcast, Arthur Hayes, former CEO of BitMEX and current CIO of Maelstrom, shared a bold

Arthur Hayes, the former CEO of BitMEX and current CIO of Maelstrom, predicts that Ethereum (ETH) could reach $10,000 or even $15,000 as global liquidity regimes shift. In an interview on the Bankless podcast, Hayes shared his insights into the cryptocurrency market.
While many analysts focus on technical factors, Hayes believes that Ethereum's recent rally, which saw ETH surge over 50% in a week, is driven by sentiment and market psychology. According to Hayes, the most hated asset goes up the fastest in the next cycle. He claims that Ethereum had been 'kind of dead' and that Solana had been a better token to own over the last year.
With the ETH/BTC ratio falling and sentiment towards Ethereum depressed, Hayes feels that a comeback was due. He also noted that capital is pivoting out of U.S. Treasuries, which could create a new era of liquidity in neutral, digital assets.
In this scenario, Bitcoin and gold would be the primary reserve assets, with Ethereum serving as a high-beta beneficiary. According to Hayes, we could be talking about Ethereum at $10,000 or $15,000.
Despite not personally adding to his ETH holdings recently, Hayes remains long on Ethereum, highlighting the network's emerging fundamentals and growing real-world utility. He mentioned projects like EtherFi and Pendle, which are building interesting and sustainable ecosystems on Ethereum.
In his own portfolio, Ethereum makes up around 20%, positioned as the asymmetric upside play in what Hayes sees as a rapidly evolving financial paradigm.
Although the path of least resistance for Ethereum might be up, Hayes acknowledges that the market could still create a rapid downside move. Ultimately, Hayes believes that Ethereum's long-term upside is not yet priced in by the market.
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