Key Highlights
- Arthur Hayes predicts Ethereum will reach $10,000 by the end of 2026.
- Hayes also expects ENA to hit $0.50 and ETHFI to reach $2.
- His forecast is based on expected increases in US dollar liquidity from Treasury and global market moves.
Arthur Hayes, BitMEX co-founder and Maelstrom CIO, has predicted that Ethereum will reach $10,000 by the end of 2026, as he expects more US dollar liquidity to enter the crypto market through Treasury bond buybacks and other economic moves.
Hayes shared the outlook in his latest Substack article, “Atención.”
The prediction comes as Ethereum trades around $2,486.04, up 3.82% over 24 hours, after recovering from a 24-hour low of $2,357, according to data from CoinMarketCap.
Treasury buybacks shape Hayes’ outlook
The forecast is built around his view of changes in global markets, especially the EURJPY exchange rate and actions by the US Treasury and Bank of Japan. EURJPY recently dropped to 182.45 after the US Treasury announced a $12.5 billion debt buyback, according to the chart on TradingView.
The Treasury is carrying out the buyback as part of a wider plan to use a $1 trillion cash cushion to purchase bonds. Hayes also said US Treasury Secretary Scott Bessent wants to sell euros and buy yen, while the Bank of Japan is looking to raise interest rates. He believes these moves could bring a large increase in US dollar liquidity.
In simple terms, Hayes expects more money to become available in the financial system, with some of that liquidity potentially moving into crypto assets. He expects this wider market change to help push Ethereum higher and support his $10,000 target.
His view also depends on the EURJPY exchange rate falling from around 185 to 140 or lower by mid-2027. The currency pair tracks the value of the euro against the Japanese yen, making its movement an important part of Hayes’ broader market outlook.
Hayes also targets ENA and ETHFI
Ethereum is not the only cryptocurrency Hayes expects to perform strongly. He also sees major gains ahead for Ethena (ENA) and Ether.fi (ETHFI).
Hayes predicted that ENA could rise to $0.50, while ETHFI could reach $2. He has previously described Ethereum as his top near-term crypto pick and has invested in both ENA and ETHFI.
At the time of the reporting, ENA is trading for $0.1608, up 7.43% today after gaining almost 70% in one month, according to data from CoinMarketCap as of September (3:40 PM UTC)
CoinMarketCap data also show ETHFI was trading for around $0.5866, up 9% over the previous 24 hours.
Hayes pointed to the possibility of roughly three-times gains for the two tokens if his forecasts become reality.
Ethereum’s next move is also being watched by prediction-market traders. Polymarket data cited in the report showed a roughly 25% chance of ETH touching $2,000 in September, while the odds of reaching $2,500 stood at 71%.
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