- Bullish on ETH: Arthur Hayes believes Ethereum may attain $10K–$15K, pushed by international liquidity shifts and declining reliance on U.S. Treasuries.
- Sentiment Over Technicals: Hayes attributes ETH’s latest rally to altering sentiment, not charts, calling it “probably the most hated asset” poised for a comeback.
- Portfolio Positioning: Hayes stays lengthy on ETH (20% of Maelstrom’s holdings) and sees it as a high-beta play alongside Bitcoin and gold in a brand new financial regime.
In a macro-heavy chat on the Bankless podcast, former BitMEX CEO and present Maelstrom CIO Arthur Hayes laid out why he thinks Ethereum (ETH) may hit $10,000 — perhaps even $15,000 — within the not-so-distant future. It’s not simply hopium, both. Hayes tied the thesis to broader shifts in international liquidity and the sluggish decline of the US Treasury because the world’s go-to protected asset.
ETH’s Current Rally? Hayes Says It’s Sentiment, Not Charts
When requested about ETH’s sudden 50% surge in every week, Hayes waved off technical triggers. “It’s probably the most hated asset — and people run the toughest subsequent cycle,” he stated. In keeping with him, Ethereum had been written off by many, particularly with the BTC/ETH ratio falling and Solana grabbing headlines. “ETH was kinda lifeless,” he added. “It was time.”
Hayes nonetheless hasn’t added to his place, however stays lengthy. “It’s good that it’s going up, however let’s have an actual convo when it hits $10K or $15K. That’s when it issues.”
A International Part Shift — And ETH’s Function in It
Hayes tied ETH’s future to what he known as a financial “section shift” — the place international capital begins rotating out of US Treasuries into property like gold and Bitcoin. As monetary repression rises and capital controls tighten, risk-on property like Ethereum may very well be large beneficiaries of the liquidity wave.
Gold and Bitcoin are nonetheless his prime picks for impartial reserve property, particularly in an more and more fragmented international order. However Ethereum? It’s the high-beta wager for the liquidity flush. “They print the cash,” Hayes stated, matter-of-factly. “And the end result? Gold and BTC go vertical.”
ETH Nonetheless Has Work To Do — However The Payoff May Be Large
Hayes admitted Ethereum has underperformed Bitcoin to date — however thinks its time is coming. If DeFi regains traction with precise money circulation and we get some regulatory readability, ETH may run exhausting. He talked about EtherFi and Pendle as standout tasks with actual potential.
In his phrases, ETH proper now’s “a tough slog.” However it’s nonetheless early, and if this thesis performs out, the reward may very well be huge. Because the legacy monetary system — propped up by 50 years of Treasury dominance — begins to crack, Ethereum would possibly supply among the best uneven performs round.
Hayes’ Present Portfolio Combine
And what’s he betting on proper now? “Maelstrom is about 60% BTC, 20% ETH, and the remainder — properly, it’s a mixture of different altcoins and early-stage token offers,” Hayes stated. Exterior of crypto, he’s holding bodily gold, gold miners, and Treasury payments. “That’s it.”
So whether or not ETH reaches $10K in 2025 or takes a bit longer, Hayes is clearly betting the development traces are already in movement.