Ethereum Set to Surge and Reach New All-Time High, Predicts BitMEX Co-Founder
Arthur Hayes, co-founder of BitMEX, believes that Ethereum (ETH) is on the verge of reaching a new all-time high (ATH). In a tweet to his followers on Twitter, Hayes expressed his confidence that Ethereum will outperform its competitor Solana (SOL) and surge more than 100% from its current value.
Hayes made it clear that he has shifted his focus from SOL to ETH, stating that he has sold his SOL holdings and purchased more Ethereum. At the time of writing, Ethereum is trading at $2,332, showing a 4.7% increase in the last 24 hours.
A Bullish Stance on Ethereum vs Solana
Hayes also expressed his support for Ethereum against Solana by hoping for further dips in the SOL/ETH trading pair. Currently, SOL/ETH is valued at 0.04100 ETH ($95.63).
Potential Approval of Bitcoin ETFs
Additionally, Hayes shared his thoughts on the potential approval of spot Bitcoin exchange-traded funds (ETFs). He discussed the differences between cash redemption models and in-kind models for these ETFs.
Hayes suggested that an in-kind model would be simpler and cleaner for the fund, while a cash redemption model would grant significant power to the fund’s trading desk. He also speculated on how the market microstructure might change and whether price discovery would shift from East to West if Bitcoin ETFs are approved.
Hot Take: Ethereum’s Bright Future
BitMEX co-founder Arthur Hayes predicts a promising future for Ethereum, foreseeing a surge of over 100% that could propel the cryptocurrency to a new all-time high. With his shift in focus from Solana to Ethereum, Hayes believes that Ethereum will outperform its competitor and deliver substantial gains. This bullish stance on Ethereum is backed by its current trading price of $2,332 and a 4.7% increase in the last 24 hours. Furthermore, Hayes shares his insights on the potential approval of Bitcoin ETFs, highlighting the differences between cash redemption and in-kind models. Overall, Hayes’ predictions and analysis suggest a bright future for Ethereum investors.
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