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Highlights
- Arthur Hayes projects Ethereum to hit $20,000 in this market cycle.
- Hayes confirmed he repurchased ETH during the recent market dip.
- Tom Lee’s BitMine echoed the sentiment, signaling more ETH purchases may be on the horizon.
BitMEX’s Arthur Hayes has set a $20,000 price target for Ethereum in this market cycle. This comes after he confirmed a buyback of ETH during the most recent decline. Tom Lee’s BitMine reacted positively to the projection, signaling potential for further accumulation ahead.
Arthur Hayes Sees Ethereum Surging to $20,000
BitMEX co-founder Arthur Hayes confirmed that he repurchased ETH. He highlighted bullish momentum flashing in the charts. Hayes believes Ethereum could climb as high as $20,000 during this market cycle. He pointed to increasing capital inflows into digital asset treasuries as a key driver.
When pressed on whether he preferred ETH or Solana for the remainder of the bull cycle, Hayes was clear. Although both tokens are likely to appreciate, he remains “overweight ETH.” Hayes emphasized the strength of Ethereum’s market position and institutional demand.
Hayes also tied his outlook to broader macroeconomic conditions. He also noted that political factors may influence liquidity and investor appetite. “The only thing voters care about is their wallet,” he said, suggesting that pro-growth policies could further fuel asset markets.
This came after earlier this month, Arthur Hayes liquidated more than $13.35 million worth of digital assets. Data showed that Hayes sold around 2,373 ETH valued at $8.32 million, alongside sales of PEPE and ENA tokens.
Coinbase Asset Management CIO Eric Peters further shared in the optimism in a recent interview with Bankless. He described ETH as the backbone of future financial infrastructure.
“The whole financial system is going to move to ETH as a foundational layer,” Peters said.
Tom Lee’s BitMine Reaffirms Bullish Bet on ETH
Tom Lee’s crypto investment firm BitMine amplified Hayes’s remarks by reposting the interview. This signals its own conviction in Ethereum’s upside potential. Despite recent sell-offs, including BlackRock dumping $254 million in ETH, BitMine has instead taken advantage of the dip.
BitMine recently paid $220 million for an additional 52,475 ETH. This raises their total to $6.6 billion, or 1.57 million ETH. BitMine is now among the biggest corporate Ethereum holders as a result of this action. It also confirms Tom Lee’s assessment of Ethereum’s long-term significance in cryptocurrency finance.
Data shows that corporate groups now hold more than 4.1 million ETH, valued at $17 billion. This amount represents 3.39% of the total supply. This trend indicates that more institutions are starting to see Ethereum as a reliable asset to hold.
At press time, Ethereum is currently priced around $4,300. The token has pulled back slightly after reaching near its highest price ever earlier this month. In the last 24 hours, trading volumes have also decreased by about 32%. This shows that investors are being cautious during this market downturn.
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