BitMEX Co-founder Sells Solana for Ethereum, Predicts ETH Price to Reach $5,000
BitMEX co-founder Arthur Hayes says he has sold Solana (SOL) and bought more Ethereum (ETH) despite the recent bullish momentum recorded by SOL.
In a post on X (formerly Twitter), Hayes stated that he had received an inspiration to support Vitalik Buterin’s Ethereum amid the soaring price of SOL.
“Fam … I have a confession to make. I received a msg from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik. So I dumped $SOL, and bot more $ETH.”
BitMEX founder Arthur Hayes said he had sold SOL and purchased more ETH, and predicted that ETH would reach $5,000. https://t.co/XKPQRp4QYf https://t.co/5U2RdWQShV
— Wu Blockchain (@WuBlockchain) December 22, 2023
He also projected the price of the leading altcoin to hit $5,000, a massive stretch of over 100% from its present value at $2,285. Most users on social media spaces found his predictions shocking, noting that Ether’s price might surge but not as high as that in a few months.
Others opined that $2,400 should be the next phase for a bullish price movement as more institutional investors flow into the market.
Ethereum has had a strong year surging 93% year-to-date YTD after plunging over 55% in 2022 as institutional investors’ sentiments pointed south due to macroeconomic factors.
In Q1 and Q2 2023, while Bitcoin (BTC) recorded huge institutional inflow on the heels of spot ETC applications, Ethereum posted sluggish figures dragging into Q3 even with the hype of the futures ETF.
This can be seen in the slow inflows in institutional funds by investors. While Bitcoin recorded a massive institutional inflow to its products with several weeks of consecutive gains, ETH products recorded outflows although market factors pointed north
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