- Bullish on ETH: Arthur Hayes believes Ethereum could reach $10K–$15K, driven by global liquidity shifts and declining reliance on U.S. Treasuries.
- Sentiment Over Technicals: Hayes attributes ETH’s recent rally to changing sentiment, not charts, calling it “the most hated asset” poised for a comeback.
- Portfolio Positioning: Hayes remains long on ETH (20% of Maelstrom’s holdings) and sees it as a high-beta play alongside Bitcoin and gold in a new monetary regime.
In a macro-heavy chat on the Bankless podcast, former BitMEX CEO and current Maelstrom CIO Arthur Hayes laid out why he thinks Ethereum (ETH) could hit $10,000 — maybe even $15,000 — in the not-so-distant future. It’s not just hopium, either. Hayes tied the thesis to broader shifts in global liquidity and the slow decline of the US Treasury as the world’s go-to safe asset.
ETH’s Recent Rally? Hayes Says It’s Sentiment, Not Charts
When asked about ETH’s sudden 50% surge in a week, Hayes waved off technical triggers. “It’s the most hated asset — and those run the hardest next cycle,” he said. According to him, Ethereum had been written off by many, especially with the BTC/ETH ratio falling and Solana grabbing headlines. “ETH was kinda dead,” he added. “It was time.”
Hayes still hasn’t added to his position, but remains long. “It’s nice that it’s going up, but let’s have a real convo when it hits $10K or $15K. That’s when it matters.”
A Global Phase Shift — And ETH’s Role in It
Hayes tied ETH’s future to what he called a monetary “phase shift” — where global capital begins rotating out of US Treasuries into assets like gold and Bitcoin. As financial repression rises and capital controls tighten, risk-on assets like Ethereum could be big beneficiaries of the liquidity wave.
Gold and Bitcoin are still his top picks for neutral reserve assets, especially in an increasingly fragmented global order. But Ethereum? It’s the high-beta bet for the liquidity flush. “They print the money,” Hayes said, matter-of-factly. “And the result? Gold and BTC go vertical.”
ETH Still Has Work To Do — But The Payoff Could Be Huge
Hayes admitted Ethereum has underperformed Bitcoin so far — but thinks its time is coming. If DeFi regains traction with actual cash flow and we get some regulatory clarity, ETH could run hard. He mentioned EtherFi and Pendle as standout projects with real potential.
In his words, ETH right now is “a hard slog.” But it’s still early, and if this thesis plays out, the reward could be massive. As the legacy financial system — propped up by 50 years of Treasury dominance — begins to crack, Ethereum might offer one of the best asymmetric plays around.
Hayes’ Current Portfolio Mix
And what’s he betting on right now? “Maelstrom is about 60% BTC, 20% ETH, and the rest — well, it’s a mix of other altcoins and early-stage token deals,” Hayes said. Outside of crypto, he’s holding physical gold, gold miners, and Treasury bills. “That’s it.”
So whether ETH reaches $10K in 2025 or takes a bit longer, Hayes is clearly betting the trend lines are already in motion.
