BitMEX co-founder and former CEO Arthur Hayes has reinforced his bullish stance on Ethereum (ETH), revealing in an interview with crypto journalist Laura Shin that ETH is now his largest portfolio position after Bitcoin (BTC). Speaking as the broader cryptocurrency market pushed higher—with Bitcoin climbing above $79,000 and Ethereum surpassing $2,400—Hayes said Ethereum currently offers an attractive balance between expected return and risk.
According to Hayes, Ethereum has not yet matched its 2021 peak and has delivered relatively limited gains during this cycle, leaving more room for recovery. He argued that a move above the $3,000 level would be a major technical milestone and could accelerate buying momentum. 'If ETH surpasses the $3,000 level, its rise could accelerate and it could quickly climb above $5,000,' he noted. Hayes added that, compared with other cryptocurrencies, Ethereum carries a much lower risk of falling to zero and is therefore suitable for large-scale investment: 'Currently, excluding Bitcoin, Ethereum makes up the largest portion of my portfolio.'
Hayes also addressed Bitcoin exposure strategies, saying investors who want BTC through exchange-traded products would be better off buying spot Bitcoin ETFs such as BlackRock's IBIT rather than shares of Strategy (MSTR). He said Strategy made sense when the market feared Bitcoin could fall to $20,000, but its importance has diminished as liquidity has expanded and the economic environment has eased. Hayes emphasized that while his $5,000 Ethereum target reflects his personal outlook, actual performance will depend on investor demand, macroeconomic conditions and broader cryptocurrency market trends.
Key context: The comments come amid growing institutional interest in Ethereum and a broader improvement in crypto market sentiment. Traders are likely to watch the $3,000 level closely as a potential trigger for further upside.
