亞瑟·海斯（Arthur Hayes）在以太坊上發表了看漲論文

在以宏觀為重點的播客的宏觀採訪中

In a macro-focused interview with the Bankless podcast, Arthur Hayes, the former BitMEX CEO and current Maelstrom CIO, has shared his bullish thesis on Ethereum,output: suggesting that a move to $10,000 or even $15,000 could be in the cards as global liquidity shifts and capital controls take hold in the next monetary regime.

在以宏觀為重點的播客中，前比特梅克斯首席執行官和現任漩渦中心的亞瑟·海斯（Arthur Hayes）分享了他關於以太坊的看漲論文，這是輸出的：提示將其轉移到10,000美元甚至$ 15,000，因為全球流動性和資本控制在下一個Mondetary制度中都可以持續下去。

Asked why ETH had rallied over 50% in a week, Hayes dismissed technical triggers and pointed instead to sentiment. “The most hated asset goes up the fastest in the next cycle. It’s just human nature,” he said. In his view, Ethereum's comeback was long overdue after years of being overshadowed by Solana and other high-beta tokens.

當被問及為什麼ETH在一周內集會超過50％時，海耶斯駁回了技術觸發器，而是指出了情感。他說：“最討厭的資產在下一個週期中最快上升。這只是人性。”在他看來，經過多年的索拉納和其他高貝塔代幣掩蓋了多年，以太坊的複出就早就應該了。

“ETH was kind of dead. Everyone hated it. The BTC/ETH ratio was falling, Solana was running… it was time.”

“ Eth有點死了。每個人都討厭它。BTC/ETH的比例下降了，Solana正在運行……是時候了。”

Despite not having added to his position, Hayes said he remained long Ethereum and was unfazed by the current price. “It’s great it’s going up, but okay—let’s talk at $10,000 or $15,000. Let’s talk when it’s meaningful.”

儘管沒有增加自己的位置，但海斯說他仍然是漫長的以太坊，並且對當前價格毫不動搖。 “這很棒，但是好吧，好的 - 讓我們的談話價格為10,000美元或15,000美元。在有意義的時候讓我們來談談。”

Placing Ethereum's rebound in the broader context, Hayes spoke of a global monetary "phase shift"—a transition away from the US Treasury as the world’s reserve asset, toward a bifurcated system where store-of-value flows increasingly shift toward gold and Bitcoin. In this paradigm, Ethereum benefits not just from speculative risk flows, but also from structural changes in how capital moves under increasing financial repression and capital controls.

海耶斯將以太坊的反彈置於更廣泛的背景下，談到了全球貨幣“相位轉移”，這是從美國財政部作為世界儲備資產的過渡，朝著一個分叉的系統，價值商店越來越多地轉向黃金和比特幣。在這種範式中，以太坊不僅從投機風險流中受益，而且從增加資本在增加金融壓制和資本控制下移動的結構變化也受益。

While he stated that gold and Bitcoin are the two neutral reserve assets in a politically fractured world, Hayes highlighted Ethereum as a powerful high-beta trade in the coming wave of liquidity expansion. “They print the money,” Hayes asserted. “And the consequence will be gold and Bitcoin going through the roof.”

儘管他說黃金和比特幣是政治上破裂的世界中的兩個中立儲備資產，但海斯在即將來臨的流動性擴張浪潮中強調了以太坊是一種強大的高貝塔貿易。 “他們打印了錢，”海斯斷言。 “其結果將是黃金和比特幣穿過屋頂。”

Still, Ethereum's path won't be linear. Acknowledging ETH's underperformance versus Bitcoin so far, Hayes suggested that ETH's moment is coming—especially if regulatory clarity improves or if decentralized finance regains traction with sustainable cash flows. He singled out projects like EtherFi and Pendle as examples of token ecosystems that might finally justify valuation through fundamentals.

儘管如此，以太坊的路徑不會是線性的。海耶斯（Hayes）承認ETH的表現不佳與比特幣的表現不佳，建議ETH的時刻即將到來 - 尤其是如果法規清晰度有所改善，或者如果分散的財務恢復了可持續的現金流量。他列出了像Etherfi和Pendle這樣的項目，這是代幣生態系統的例子，最終可能通過基本面證明估值是合理的。

The potential for Ethereum to outperform dramatically remains, especially as the market continues to digest what Hayes sees as the beginning of the end for the 50-year US Treasury-based global financial system.

以太坊有可能勝過極大的潛力，尤其是當市場繼續消化Hayes認為是基於美國財政部50年的全球金融體系的終點的開始。

“If you want to preserve access to capital and spend it how you want, the only things you can own are gold and Bitcoin,” said Hayes. But for the investor with appetite for asymmetry, ETH is "a hard slog" now—yet still in the early stages of what could be a runaway rally.

海斯說：“如果您想保留資本的機會並花費您想要的方式，那麼您唯一可以擁有的是黃金和比特幣。”但是，對於對不對稱性興趣的投資者來說，ETH現在是“一個艱難的障礙”，但仍處於失控集會的早期階段。

Whether Ethereum reaches the $10,000 mark in 2025 or beyond, Hayes is positioning for that outcome.

無論以太坊在2025年或以上都達到10,000美元的成績，海耶斯都在定位這一結果。

“Mailstream is about 60% Bitcoin, 20% ETH and then you know a lot of other shitcoins and term sheets of token deals and stuff. On my non-crypto stuff, it’s physical gold and gold miners and T bills. That’s it,” Hayes disclosed.

“ MailStream約為60％的比特幣，20％ETH，然後您知道許多其他shitcoins和術語表的象徵性交易和東西。在我的非crypto東西上，它是實物黃金和金礦工和賬單。就是這樣，” Hayes透露。

At press time, ETH traded at $2,477.

發稿時，ETH的交易價格為2,477美元。