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This impressive performance follows Federal Reserve Chairman Powell’s Jackson Hole speech, where he hinted at a potential interest rate cut in September, signaling a dovish stance that boosted market optimism.
Still, crypto billionaire Arthur Hayes believes ETH has plenty more room to run.
The BitMEX co-founder has raised his Ether price target, this time predicting a parabolic rally to as high as $20,000 by the end of this bullish cycle.
While speaking on the Crypto Banter podcast hosted by crypto personality Ran Neuner, Hayes pointed to money printing during President Donald Trump’s tenure at the White House as a key driver.
 
Another factor supporting Ether’s bull argument is persistent institutional demand, reflected by the buying frenzy by digital asset treasury companies.
“I think ETH goes [to] $10,000 or $20,000 before the end of the cycle. Once it’s broken through, there’s a gap of air to the upside, and you have obviously all these digital asset treasury companies who are raising money. It’s going to be easier to raise money if the asset they’re buying has broken through all-time highs and is ascending upwards.”
Notably, BitMine Immersion Technologies holds the largest Ether stash, with roughly 1.5 million ETH valued at about $6.6 billion. The Peter Thiel-backed company shifted its focus from Bitcoin mining to Ether accumulation.
SharpLink Gaming ranks second in ETH holdings, with roughly 740,800 ETH worth about $3.2 billion in its treasury. The Ether Machine holds about 345,400 ETH, while the Ethereum Foundation owns 231,600 ETH.
Meanwhile, U.S. spot Ethereum exchange-traded funds hold a staggering 6.7 million ETH, representing around 5.5% of ETH’s total supply. These investment vehicles have witnessed net inflows totaling $2.55 billion month-to-date, according to data from Farside Investors.
When pressed on whether he preferred ETH or Solana (SOL) for the rest of the bull cycle, Hayes was straightforward. Although both tokens are likely to rally, he remains “overweight ETH”.
His bullish stance on ETH comes as the former BitMEX CEO recently repurchased millions worth of Ethereum just a week after selling 2,373 Ether tokens, suggesting he expects a powerful upside in ETH.
Source: https://zycrypto.com/arthur-hayes-envisions-ethereums-moonshot-to-20000-this-cycle-heres-why/