亞瑟·海斯（Arthur Hayes）概述了他的看漲倫理論文，預測轉移至10,000美元

在宏觀播客的宏觀訪談中，前Bitmex首席執行官和現任漩渦CIO的Arthur Hayes在以太坊上撰寫了他的看漲論文，認為將轉移到10,000美元甚至15,000美元是現實的結果，因為全球流動性轉移和資本控制在下一個Mondetary Sectime中都持續下去。

In a macro-focused interview with the Bankless podcast, former BitMEX CEO and Maelstrom CIO Arthur Hayes outlined his bullish thesis on Ethereum, arguing that a move to $10,000 or even $15,000 is a realistic outcome as global liquidity shifts and capital controls take hold in the next monetary regime.

在對無岸播客的宏觀專注於訪談中，前Bitmex首席執行官和Maelstrom Cio Arthur Hayes概述了他對以太坊的看漲論文，認為將轉移到10,000美元甚至15,000美元是一個現實的結果，因為全球流動性轉移和資本控制在下一個單據方面都持續下去。

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, he said. It’s just human nature.

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，最討厭的資產是下一個週期中最快的。這只是人性。

For Hayes, the Ethereum comeback was long overdue after years of being overshadowed by Solana and other high-beta tokens. ETH was kind of dead. Everyone hated it. The BTC/ETH ratio was falling, Solana was running … it was time.

對於海耶斯來說，經過多年的索拉納和其他高貝塔代幣掩蓋了多年，以太坊捲土重來就早就應該了。 Eth有點死了。每個人都討厭它。 BTC/ETH比率下降了，Solana正在運行……是時候了。

Why Ethereum Could Soar To $10,000

為什麼以太坊可以飆升至10,000美元

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。它很棒，但是好的 - 讓我們的談話為10,000美元或15,000美元。有意義的時候讓我們談談。

Hayes placed Ethereum’s rebound in the broader context of what he calls 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.

海斯將以太坊的反彈置於他所謂的全球貨幣相變的更廣泛背景下，這是從美國財政部作為世界儲備資產的過渡，朝著價值商店越來越多地轉向黃金和比特幣的分叉系統。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 reiterated his belief that gold and Bitcoin are the two neutral reserve assets in a politically fractured world, Hayes sees Ethereum as a powerful high-beta trade in the coming wave of liquidity expansion. They print the money, he said bluntly. And the consequence will be gold and Bitcoin going through the roof.

當他重申自己認為黃金和比特幣是一個政治上破裂的世界中的兩個中立儲備資產時，海耶斯將以太坊視為即將到來的流動性擴張浪潮中強大的高貝塔貿易。他們直言不諱地打印了錢。結果將是黃金和比特幣穿過屋頂。

Still, Ethereum’s path won’t be linear. Hayes acknowledged ETH’s underperformance versus Bitcoin so far, but suggested that ETH’s moment is coming—particularly 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到目前為止的表現不佳與比特幣的表現不佳，但建議ETH的時刻即將到來 - 尤其是如果監管清晰度有所改善，或者分散的金融恢復了可持續現金流的關注。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, Hayes argued, especially as the market continues to digest what he sees as the beginning of the end for the 50-year US Treasury-based global financial system. If you want to preserve access to capital and spend it how you want, the only things you can own are gold and Bitcoin, he said. 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.

海耶斯認為，以太坊的表現能夠勝過極大的潛力，尤其是當市場繼續消化他認為這是美國50年美國財政部全球金融體系的終點的開始。他說，如果您想保留獲得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 - 但仍處於可能是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. 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 concluded.

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約為60％的比特幣，20％的ETH，然後您知道許多其他shitcoins和術語表的代幣交易和東西。在我的非透明產品上，它是實物黃金和金礦工和賬單。就是這樣，海耶斯得出結論。