Hayes Dares to Dream of $10K Ether Amid Macro Thesis
Arthur Hayes is sticking to his guns on Ethereum and two high-risk DeFi tokens. In his latest 'Atención' newsletter, he's reaffirmed year-end targets that would see ETH, Ethena (ENA), and Ether.fi reach massive gains from current levels.
Hayes' firm Maelstrom CIO is maintaining a structural Bitcoin long position unchanged, while its more speculative bets for 2026 include Ether at $10,000, Ethena at $0.50, and Ether.fi at $2.
The targets are based on Hayes' macro thesis centered on dollar liquidity, Federal Reserve balance-sheet expansion, and a sharp move lower in the euro-yen exchange rate.
Ethereum would need to more than quadruple from its current price of around $2,400 to reach Hayes' $10,000 target. Ethena was trading near $0.15 Thursday, which means a move to $0.50 would represent roughly 230% upside. Ether.fi was trading around $0.56, putting Hayes' $2 forecast about 250% above recent levels.