Arthur Hayes says his family office Maelstrom’s crypto positioning is unchanged, anchored by a structural Bitcoin (BTC) long. He also set a $10,000 price target for Ether (ETH) by the end of 2026.
The BitMEX co-founder made the call in a September 3 newsletter centered on euro-yen macro dynamics. He set similar year-end targets for Ethena (ENA) and Ether.fi (ETHFI).
Hayes’ Ether Price Target and Other Calls
Hayes is chief investment officer of Maelstrom, the family office he runs after co-founding and formerly running BitMEX. Maelstrom holds positions across established majors and earlier-stage tokens alike. He publishes portfolio views as asides inside longer macro essays on his newsletter, rather than as standalone calls.
As one of crypto trading’s most closely watched voices, Hayes’ price targets often shape market chatter. This particular newsletter offered no valuation model behind any of the three altcoin figures.
Hayes called the BTC long structural, with no price target attached. He labeled the ETH, ENA, and ETHFI targets more speculative. Those goals are $10,000 for ETH, $0.50 for ENA, and $2 for ETHFI.
A Long Way to Go for ETH
ETH traded near $2,379 per token at publication time. That puts Hayes’ target roughly 320% above current levels.
ENA changed hands at $0.159, and ETHFI at $0.562, both far below his goals. BTC held near $77,258.
The newsletter’s core argument focused on the euro weakening against the yen. That thesis ties French bank stress and Bank of Japan policy to faster Fed money printing. Hayes links that view to his broader claim that Bessent’s buyback playbook will boost dollar liquidity.
Hayes has also been an active ETHFI buyer this year. He bought back into ETHFI in August after exiting the position earlier in 2026.