Hayes Sees ETH Rally Driven by Dollar Liquidity

Arthur Hayes believes that Ethereum's price will rise to $10,000 by the end of 2026 as dollar liquidity expands. According to him, this is because the Federal Reserve's operations supporting Treasury markets could expand substantially if funding stress intensifies.

Hayes also expects Bitcoin's next major move to be signaled by EUR/JPY, which he forecasts falling towards 140 or below by June 2027. He links this move to changing capital flows involving Japan and other major US allies in Asia, alongside Treasury policy aimed at supporting American competitiveness.

Hayes argues that renewed funding pressure at French banks could eventually increase the need for Federal Reserve support, potentially creating conditions that are favorable for risk assets such as Bitcoin and Ethereum. He estimates that additional dollar liquidity would provide a stronger foundation for another crypto expansion than changes in short-term Fed rhetoric alone.