亚瑟·海斯（Arthur Hayes）在以太坊上发表了看涨论文

在以宏观为重点的播客的宏观采访中

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.

在以宏观为重点的播客中，前比特梅克斯首席执行官和现任漩涡中心的亚瑟·海斯（Arthur Hayes）分享了他关于以太坊的看涨论文，这是输出的：提示将其转移到10,000美元甚至$ 15,000，因为全球流动性和资本控制在下一个Mondetary制度中都可以持续下去。

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.

当被问及为什么ETH在一周内集会超过50％时，海耶斯驳回了技术触发器，而是指出了情感。他说：“最讨厌的资产在下一个周期中最快上升。这只是人性。”在他看来，经过多年的索拉纳和其他高贝塔代币掩盖了多年，以太坊的复出就早就应该了。

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

“ Eth有点死了。每个人都讨厌它。BTC/ETH的比例下降了，Solana正在运行……是时候了。”

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.”

尽管没有增加自己的位置，但海斯说他仍然是漫长的以太坊，并且对当前价格毫不动摇。 “这很棒，但是好吧，好的 - 让我们的谈话价格为10,000美元或15,000美元。在有意义的时候让我们来谈谈。”

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.

海耶斯将以太坊的反弹置于更广泛的背景下，谈到了全球货币“相位转移”，这是从美国财政部作为世界储备资产的过渡，朝着一个分叉的系统，价值商店越来越多地转向黄金和比特币。在这种范式中，以太坊不仅从投机风险流中受益，而且从增加资本在增加金融压制和资本控制下移动的结构变化也受益。

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.”

尽管他说黄金和比特币是政治上破裂的世界中的两个中立储备资产，但海斯在即将来临的流动性扩张浪潮中强调了以太坊是一种强大的高贝塔贸易。 “他们打印了钱，”海斯断言。 “其结果将是黄金和比特币穿过屋顶。”

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.

尽管如此，以太坊的路径不会是线性的。海耶斯（Hayes）承认ETH的表现不佳与比特币的表现不佳，建议ETH的时刻即将到来 - 尤其是如果法规清晰度有所改善，或者如果分散的财务恢复了可持续的现金流量。他列出了像Etherfi和Pendle这样的项目，这是代币生态系统的例子，最终可能通过基本面证明估值是合理的。

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.

以太坊有可能胜过极大的潜力，尤其是当市场继续消化Hayes认为是基于美国财政部50年的全球金融体系的终点的开始。

“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.

海斯说：“如果您想保留资本的机会并花费您想要的方式，那么您唯一可以拥有的是黄金和比特币。”但是，对于对不对称性兴趣的投资者来说，ETH现在是“一个艰难的障碍”，但仍处于失控集会的早期阶段。

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

无论以太坊在2025年或以上都达到10,000美元的成绩，海耶斯都在定位这一结果。

“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约为60％的比特币，20％ETH，然后您知道许多其他shitcoins和术语表的象征性交易和东西。在我的非crypto东西上，它是实物黄金和金矿工和账单。就是这样，” Hayes透露。

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

发稿时，ETH的交易价格为2,477美元。