Arthur Hayes Sees $20K ETH Ahead — Why He’s Backing Ethereum Over Solana
Arthur Hayes, who sold ETH at $3,507, has re-entered the market—buying over 1,700 ETH at higher prices. Now, he predicts Ethereum could surge to $10,000–$20,000 before the cycle ends, citing chart strength, corporate treasuries, and political dynamics.
Arthur Hayes Reverses Course: From Profit-Taking to $20K ETH Prediction
In a dramatic shift, Arthur Hayes, co-founder of BitMEX and one of crypto’s most influential macro thinkers, has not only re-entered the Ethereum market but is now forecasting a $20,000 price target before the end of the bull cycle.
This comes just weeks after Hayes sold $8 million worth of ETH (alongside PEPE and ENA) in early August, warning of a potential drop to $3,000 amid fears over Trump-era tariffs and global tensions.
But the market had other plans.
ETH surged over 20% in a week, forcing Hayes to admit defeat and buy back in—adding more than 1,700 ETH (worth over $8 million) by mid-August.
“I bought back some of the ETH that I sold,” Hayes admitted. “The chart says it’s going higher. So I can’t fight the market. I think ETH goes $10, $20,000 before the end of the cycle.”
Why He’s Backing Ethereum Over Solana
When asked to compare Ethereum (ETH) and Solana (SOL), Hayes acknowledged both will rise—but made his preference clear.
“They’re both gonna go up. The question is, which one goes up more?”
Pressed further, he confirmed he’s more overweight on ETH than SOL—a significant stance given Solana’s strong retail momentum and low-fee appeal.
His reasoning?
- Technical strength: ETH is nearing its all-time high of $4,878—a breakout could trigger a “gap of air to the upside.”
- Corporate treasury trend: Companies are raising capital specifically to buy ETH, creating self-reinforcing demand.
- Macro tailwinds: Hayes believes any asset backed by Donald Trump or aligned with his economic vision will see a massive rally before the 2024 election cycle ends.
“It’s gonna be even easier to raise money if the asset they’re buying has just broken through its all-time high and it’s just sending upwards. So I think that the sky’s the limit.”
Ethereum vs. Solana: A Tale of Two Trajectories
| Metric | Ethereum (ETH) | Solana (SOL) |
|---|---|---|
| Current Price | $4,288 | $183 |
| 7-Day Change | -7.4% | -6.0% |
| 30-Day Change | +14.8% | +5.1% |
| ATH vs. Current | 12% below $4,878 | 37% below $293 peak |
| Catalyst | ETF inflows, staking, RWA growth | Memecoins, NFTs, DeFi |
While Solana remains a high-speed contender, it has struggled to sustain momentum after peaking at $293 in January. Meanwhile, Ethereum continues to attract institutional capital, record DeFi TVL, and regulatory clarity—making it the preferred asset for large-scale accumulation.
Hayes’ Macro Thesis: Politics Will Drive the Next Leg
Hayes tied his ETH optimism to broader U.S. political dynamics:
- A potential Trump victory in 2024 could unleash pro-risk, pro-digital asset policies
- Trump’s past praise for Bitcoin could extend to ETH as a “digital commodity”
- Inflation, debt monetization, and geopolitical instability will push investors into hard assets—including crypto
In this environment, Hayes sees Ethereum not just as a tech play, but as a macro hedge—one with stronger fundamentals than most.
Market Reaction: ETH Holds Strong Despite Pullback
Despite a 7.4% weekly dip, Ethereum remains up 14.8% month-over-month, showing resilience amid broader market consolidation.
With spot ETFs now live and $3 billion in inflows recorded in August alone, the infrastructure for a $10K–$20K run is being built—not on hype, but on real capital and institutional conviction.
