- December 23, 2023
- Posted by: [email protected]
- Category:
Arthur Hayes, the co-founder of BitMEX, has announced a strategic move in the cryptocurrency market, revealing that he has sold his Solana (SOL) holdings and increased his Ethereum (ETH) position, citing inspiration from a higher source. In a post on X (formerly Twitter), Hayes shared that he received a divine message advising him to divest from Solana and express allegiance to Ethereum, specifically mentioning the project’s founder, Vitalik Buterin.
Hayes wrote in his tweet, “Fam… I have a confession to make. I received a message from the Lord while meditating. He said to dump that Sam coin POS and profess your love for Archangel Vitalik. So I dumped $SOL and bot more $ETH.” Alongside this revelation, he boldly predicted that the price of Ethereum could reach $5,000, indicating a substantial increase of over 100% from its current value of $2,285.
Hayes’ Ethereum price projection drew mixed reactions on social media, with some expressing skepticism about such a significant surge in such a short timeframe. While acknowledging the potential for Ether’s price to rise, many suggested more conservative targets, with $2,400 being mentioned as a plausible next level for a bullish movement, especially as institutional investors continue to enter the market.
Ethereum has witnessed a robust performance throughout the year, with a 93% year-to-date surge. This comes after a challenging 2022, during which the altcoin experienced a 55% decline, largely influenced by negative sentiments from institutional investors due to macroeconomic factors.
The comparison between Bitcoin and Ethereum’s institutional inflows reveals a disparity in Q1 and Q2 of 2023. Bitcoin recorded substantial institutional inflows, buoyed by spot ETC applications, while Ethereum saw sluggish figures even with the introduction of futures ETFs. Despite market factors favoring Ethereum, institutional funds showed outflows, with Bitcoin funds attracting $1.6 billion, while Ethereum received slightly above $10 million in Q4.
Wealth management firms, however, remain optimistic about Ethereum’s future. In a recent survey on the prospects for crypto assets, wealthy managers expressed support for Ethereum, attributing its slower growth to the bear market that caused a 55% value loss. They highlighted staking on various platforms as a bullish narrative, predicting increased inflows in the coming months.
Solana, on the other hand, has emerged as an institutional favorite in 2023, witnessing consecutive weekly inflows into its investment fund. SOL currently boasts an over-8% increase in the last 24 hours and has surpassed Ripple (XRP) in terms of market capitalization. Despite its “ETH killer” moniker, trading at $91.7, Solana still lags behind Ethereum in market valuation, showcasing a significant network and community activity but having a considerable distance to cover to catch up with Ethereum’s dominance.
