BitMEX co-founder Arthur Hayes confirmed that he repurchased ETH. He highlighted the bullish momentum reflected in the charts. Hayes believes that Ethereum could reach $20,000 during this market cycle. He pointed to the increase in capital inflows to digital asset Treasury bonds as a key factor.
When pressed on whether he preferred ETH or Solana for the remainder of the bullish cycle, Hayes was clear. While both tokens are likely to appreciate, he maintains an "overweight" position in ETH. Hayes emphasized the strength of Ethereum's market position and its institutional demand.
Hayes also linked his perspective to broader macroeconomic conditions. He noted that political factors can influence liquidity and investor appetite. "The only thing that matters to voters is their wallet," he said, suggesting that pro-growth policies could further boost asset markets.
This occurred after, earlier this month, Arthur Hayes liquidated over $13.35 million in digital assets. Data showed that Hayes sold around 2,373 ETH valued at $8.32 million, along with the sale of PEPE and ENA tokens.
Eric Peters, Chief Investment Officer of Coinbase Asset Management, shared this optimism in a recent interview with Bankless. He described ETH as the backbone of future financial infrastructure.
"The entire financial system will move to ETH as a foundational layer," said Peters.
BitMine, Tom Lee's cryptocurrency investment firm, amplified Hayes' comments by republishing the interview. This demonstrates their conviction in Ethereum's bullish potential. Despite recent massive sell-offs, including BlackRock's sale of $254 million in ETH, BitMine has taken advantage of the decline.
BitMine recently paid $220 million for an additional 52,475 ETH. This raises its total to $6.6 billion, or 1.57 million ETH. With this action, BitMine now ranks among the largest corporate holders of Ethereum. This also confirms Tom Lee's valuation of Ethereum's long-term importance in the cryptocurrency world.
Data shows that corporate groups currently 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 and more institutions are beginning to consider Ethereum as a reliable asset.
As of the closing of this edition, Ethereum is around $4,300. The token has slightly retreated after nearly reaching its all-time high earlier this month. In the last 24 hours, trading volume has also decreased by approximately 32%. This demonstrates that investors are being cautious during this market downturn.
