Arthur Hayes sees ETH at $20K this cycle with buybacks, while Tom Lee’s BitMine doubles down on its bullish stance.
In this market cycle, Arthur Hayes of BitMEX has given a price target of $20,000 for Ethereum.
This follows his confirmation of an ETH buyback during the most recent drop.
The prediction was well received by Tom Lee’s BitMine, suggesting that more accumulation may come.
Ethereum Is Rising To $20,000, According To Arthur Hayes
Arthur Hayes, a co-founder of BitMEX, acknowledged that he had repurchased ETH.
He drew attention to flashing bullish momentum on the charts. According to Hayes, Ethereum might reach $20,000 within this market cycle.
He identified one of the main drivers as rising capital inflows into treasuries holding digital assets.
Hayes was unambiguous when asked if he would rather own Solana or ETH for the rest of the bull cycle.
He is still “overweight ETH” even though both currencies will probably increase in value.
Hayes highlighted Ethereum’s strong institutional demand and market position.
Hayes also linked his prediction to more general macroeconomic circumstances.
He added that political issues may impact investor interest and liquidity.
He implied that pro-growth measures could stimulate asset markets by stating that “the only thing voters care about is their wallet.”
This followed Arthur Hayes’ liquidation of digital assets valued at over $13.35 million earlier this month.
According to data, Hayes sold about 2,373 Ethereum worth $8.32 million in addition to PEPE and ENA tokens.
In a recent interview with Bankless, Coinbase Asset Management CIO Eric Peters added to the confidence.
He referred to ETH as the foundation of the financial system of the future.
“The whole financial system is going to move to ETH as a foundational layer,” Peters said.
BitMine By Tom Lee Reaffirms Bullish Bet On Ethereum
BitMine, Tom Lee’s cryptocurrency investment company, magnified Hayes’s comments by uploading the interview.
This shows that it believes Ethereum has a bright future.
Despite previous sell-offs, BitMine has seized the opportunity, such as BlackRock selling $254 million worth of Ethereum.
BitMine has acquired 52,475 more Ethereum for $220 million.
Their total now stands at $6.6 billion, or 1.57 million Ethereum.
Because of this move, BitMine is now one of the largest corporate Ethereum holders.
Additionally, it supports Tom Lee’s analysis of Ethereum’s long-term importance in cryptocurrency finance.
According to data, corporate entities currently own over 4.1 million Ethereum worth $17 billion.
This sum amounts to 3.39% of the entire supply.
This pattern suggests that more organizations are beginning to view Ethereum as a trustworthy asset to own.
The price of Ethereum is approximately $4,300 at the time of writing.
Earlier this month, the token hit its highest price, although it has since somewhat retreated.
Additionally, trading volumes have dropped by almost 32% during the past day.
Current indicates that during the current market collapse, investors are exercising caution.
