Arthur Hayes Sees $20K ETH Ahead, Why He’s Backing Ethereum Over Solana

Hayes believes that once Ethereum convincingly clears its ATH, momentum could snowball, with crypto firms raising funds to pile in.

BitMEX co-founder Arthur Hayes has made a striking prediction for Ethereum (ETH), suggesting the asset could go anywhere between $10,000 and $20,000 before the end of the current market cycle.

In a recent interview, the influential investor also disclosed a strategic preference for ETH over its rival, Solana (SOL).

Hayes Shifts From Caution to Confidence

In early August, Hayes sold over $8 million worth of ETH alongside PEPE and ENA, saying he was expecting a correction in the market due to U.S. President Donald Trump’s tariffs and ongoing global tensions. At the time, he projected the world’s second-largest cryptocurrency could retreat toward $3,000.

However, that view quickly unraveled, with ETH surging past $4,000, forcing Hayes to buy it back after the asset pumped 20% in a week. By mid-August, the crypto entrepreneur had added more than 1,700 ETH to his stash, worth over $8 million, alongside several trending altcoins, including HYPE and LDO.

In this latest interview, he explained why he repurchased the cryptocurrency despite taking profits earlier:

“I bought back some of the ETH that I sold,” he 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.”

The Maelstrom CIO suggested that once Ethereum convincingly clears its all-time high, “it’s a gap of air to the upside.” In addition, he pointed to how crypto-native companies are raising funds to buy the asset.

“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.”

He also tied his forecast to broader macro trends, noting that political and economic dynamics in the U.S. could fuel risk assets, arguing that any financial asset Trump backs and believes is important will go on a massive bull run between now and when he leaves office.

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Ethereum vs. Solana

The interview also touched on the rivalry between Ethereum and Solana, with Hayes asked which he would back over the current cycle. “They’re both gonna go up,” he said. “The question is, which one goes up more?” Pressed further, he confirmed, “Correct,” when asked if he would be more overweight on ETH than SOL.

At the market, Ethereum is currently trading at $4,288 per CoinGecko, slightly down by 0.2% in the last 24 hours and a more noticeable 7.4% over the past week. However, it is still up 14.8% in the past month, even as the price remains 12% below its November 2021 all-time high of $4,878.

Meanwhile, Solana has slipped 2.4% in 24 hours and 6% over the last seven days to $183. The token has struggled to maintain momentum after peaking at $293 in January, leaving it down nearly 37% from that high. But looking at it on a monthly scale, the asset remains in positive territory with a modest 5.1% gain.