亚瑟·海斯（Arthur Hayes）概述了他的看涨伦理论文，预测转移至10,000美元

在宏观播客的宏观访谈中，前Bitmex首席执行官和现任漩涡CIO的Arthur Hayes在以太坊上撰写了他的看涨论文，认为将转移到10,000美元甚至15,000美元是现实的结果，因为全球流动性转移和资本控制在下一个Mondetary Sectime中都持续下去。

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.

在对无岸播客的宏观专注于访谈中，前Bitmex首席执行官和Maelstrom Cio Arthur Hayes概述了他对以太坊的看涨论文，认为将转移到10,000美元甚至15,000美元是一个现实的结果，因为全球流动性转移和资本控制在下一个单据方面都持续下去。

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, he said. It’s just human nature.

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，最讨厌的资产是下一个周期中最快的。这只是人性。

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.

对于海耶斯来说，经过多年的索拉纳和其他高贝塔代币掩盖了多年，以太坊卷土重来就早就应该了。 Eth有点死了。每个人都讨厌它。 BTC/ETH比率下降了，Solana正在运行……是时候了。

Why Ethereum Could Soar To $10,000

为什么以太坊可以飙升至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.

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。它很棒，但是好的 - 让我们的谈话为10,000美元或15,000美元。有意义的时候让我们谈谈。

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.

海斯将以太坊的反弹置于他所谓的全球货币相变的更广泛背景下，这是从美国财政部作为世界储备资产的过渡，朝着价值商店越来越多地转向黄金和比特币的分叉系统。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 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.

当他重申自己认为黄金和比特币是一个政治上破裂的世界中的两个中立储备资产时，海耶斯将以太坊视为即将到来的流动性扩张浪潮中强大的高贝塔贸易。他们直言不讳地打印了钱。结果将是黄金和比特币穿过屋顶。

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.

尽管如此，以太坊的路径不会是线性的。海耶斯（Hayes）承认ETH到目前为止的表现不佳与比特币的表现不佳，但建议ETH的时刻即将到来 - 尤其是如果监管清晰度有所改善，或者分散的金融恢复了可持续现金流的关注。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, 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.

海耶斯认为，以太坊的表现能够胜过极大的潜力，尤其是当市场继续消化他认为这是美国50年美国财政部全球金融体系的终点的开始。他说，如果您想保留获得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 - 但仍处于可能是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. 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.

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约为60％的比特币，20％的ETH，然后您知道许多其他shitcoins和术语表的代币交易和东西。在我的非透明产品上，它是实物黄金和金矿工和账单。就是这样，海耶斯得出结论。