Arthur Hayes forecasts Ethereum to reach $10,000 by end of 2026

BitMEX co-founder and Maelstrom Chief Investment Officer Arthur Hayes predicts Ethereum ($ETH) will reach $10,000 by the end of 2026. In a Substack article titled "Atencion," Hayes outlined this year-end outlook, citing fresh liquidity entering the crypto market from Federal Reserve balance sheet expansion and US Treasury bond buybacks.

The forecast relies on the expectation that the EURJPY exchange rate will fall from its current level of around 185 to 140 or lower by mid-2027. Hayes attributes this potential shift to US Treasury Secretary Scott Bessent's desire to sell Euros and buy Yen, alongside anticipated rate hikes by the Bank of Japan. According to Hayes, these actions would significantly increase US dollar liquidity.

US Treasury data supports the liquidity theme, with the department announcing a $12.5 billion debt buyback on Thursday. This purchase is part of a broader plan to buy back bonds using a $1 trillion cash cushion. The announcement coincided with EURJPY dropping to 182.45.

Ethereum is currently trading at $2,415, rebounding from a 24-hour low of $2,357. Trading volume has decreased slightly over the last 24 hours. On prediction markets, Polymarket traders are pricing a 71% chance that Ethereum hits $2,500 this month, while odds for the price touching $2,000 stand at roughly one in four.

Hayes also forecasts sharp gains for Ethena (ENA) and Ether.fi (ETHFI). He predicts ENA will rally to $0.50 and ETHFI to $2. Hayes has repeatedly identified Ethereum as his top near-term crypto pick and has invested in both ENA and ETHFI multiple times. He noted that these forecasts point to potential three-times rallies if materialized.

Ethena (ENA) is trading around $0.153, reflecting an almost 70% rally over the past month. Ether.fi (ETHFI) is moving near $0.57, down 4.5% today but up 90% over the last three months. Ethena recently launched Ethena Pay, a crypto neobanking service built on Avalanche that allows users in 48 countries to save, spend, transfer, and earn with USDe.