BitMEX co-founder Arthur Hayes is predicting Ethereum (ETH) could soon reach a new all-time high (ATH).
Hayes tells his 424,600 followers on the social media platform X that he believes Ethereum will soar more than 100% from its current value and outperform ETH competitor Solana (SOL).
“Fam, I have a confession to make. I received a message from the Lord while meditating. He said dump that Sam coin and profess your love for Archangel Vitalik. So I dumped SOL and bought more ETH.
ETH = $5,000.”
Ethereum is trading for $2,332 at time of writing, up 4.7% in the last 24 hours.
Hayes makes it clear he is rooting for Solana to continue to dip against Ethereum (SOL/ETH).
“Get Down!!!!
ETH = $5,000.”
SOL/ETH is trading for 0.04100 ETH ($95.63) at time of writing.
Hayes also shares his thoughts on the possible approval of spot Bitcoin (BTC) exchange-traded funds (ETFs), including the differences between a so-called cash redemption model versus an “in-kind” model.
“Bitcoin ETFs cash or in-kind creation what’s important?
In-kind is simpler and cleaner for the fund, as the fund doesn’t have to direct the trading of BTC, but it means BTC can be sourced from anywhere. Cash is more complicated, but it hands big power to the fund. The fund trading desk will have bigly power to direct what should be large trading flows of BTC.
Given the ‘made in America’ political zeitgeist, you can bet only politically connected brokers and exchanges will be used as counter-parties to buy and BTC for the fund. It will be interesting to observe how the market microstructure changes if at all.
Will price discovery move from East to West? Will the most important time to trade be Monday-Friday at 4 p.m. Eastern Daylight Time (EDT) when the creation/redemption window closes? This is going to open up juicy arbitrage opportunities for those who can trade on both American and non-American BTC exchanges.”
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