BitMEX co-founder Arthur Hayes, in a recent interview, claimed that Ethereum (ETH) could unlock a new all-time high, with the market potentially hitting between $10,000 and $20,000 by the end of this cycle.
Hayes said his prediction is based purely on technical charts. He added that digital asset companies purchasing ETH, increased money printing in the market, and the fact that President Trump “believes it is important” will all contribute to the rally.
This bullish outlook led Hayes to confirm that he repurchased ETH after selling $13 million worth of the asset in the past month.
At the time of writing, institutional investors are already bidding on Ethereum, as reflected in the performance of U.S. Ethereum Spot Exchange-Traded Funds (ETFs).
On August 21, BlackRock, the financial giant, purchased $233 million worth of Ethereum through ETFs, with other major players joining the buying spree. By the end of the day, investors had bought $287 million worth of Ethereum from the market.
This marked the end of a four-day outflow trend that began on August 18, confirming renewed interest in the $516 billion asset class.
Meanwhile, Bitcoin Spot ETFs recorded an outflow of $194.32 million during the same period, as Ethereum ETFs gained dominance.
Institutional investors continue to favor ETH ETFs over others. In fact, ETH ETFs recently posted their 15th consecutive week of inflows, while Bitcoin, Solana, and other assets saw outflows.
Hayes Chooses Ethereum Over Solana
Hayes also revealed that his preference leans more toward Ethereum than Solana. He described himself as “overweight on ETH,” expecting it to outperform Solana in the long run.
However, he clarified that his stance is not a bearish bet against Solana, but rather a conviction that Ethereum will rally harder.
An analysis of the SOL/ETH chart supports Hayes’ sentiment. Since April 22, over a 122-day period, Ethereum has consistently outperformed Solana, with Solana showing a 52.65% decline against ETH.
A continued decline in this trend would suggest that Ethereum will keep gaining strength against Solana, increasing its chances of setting a new all-time high above $4,891.
