Ethereum News Today: Ethereum's $20K Hike Hinges on Trump Crypto Moves and Big Wall Street Bets

Arthur Hayes, co-founder of BitMEX, has positioned Ethereum as a potential $20,000 asset by the end of the current bull cycle, attributing this forecast to two key factors: Donald Trump’s anticipated pro-crypto legislation and growing institutional adoption. Hayes made these comments during an interview with Crypto Banter, where he emphasized the importance of Ethereum surpassing its previous all-time high (ATH) as a catalyst for further price appreciation. “Once it’s broken through, you have a massive gap of air to the upside,” Hayes remarked, highlighting the potential for rapid upward movement following a breakout [1].

The legislative component of Hayes’ analysis centers around the proposed GENIUS Act, a framework designed to bring clarity and stability to the cryptocurrency sector. By mandating that stablecoin issuers back their tokens with liquid assets such as dollars and government bonds, the Act aims to reduce illicit activity and enhance investor trust. This initiative aligns with the U.S. Department of the Treasury’s recent Request for Comment, which sought public input on addressing crypto-related risks and is expected to remain open until October 17 [1]. Hayes suggests that the implementation of the GENIUS Act could drive Ethereum’s price higher, with a potential ATH of $4,880 already seen, signaling the onset of an “alt season” [1].

Institutional adoption is another major driver in Hayes’ bullish case for Ethereum. Public companies have increasingly allocated Ethereum to their treasuries, with BitMine leading the charge. According to CoinGecko, nearly 2.8 million ETH—approximately 2.31% of the total supply—are currently held in public treasuries. BitMine, the largest ETH holder, holds over 1.71 million ETH, valued at more than $7.2 billion, and is supported by a range of prominent institutional investors including ARK’s Cathie Wood and Pantera Capital [2]. The company’s stock has become one of the most liquid in the U.S., with an average daily trading volume of $2.8 billion, placing it among the top 30 most liquid stocks [2].

Hayes’ predictions also reflect broader industry trends, with Ethereum’s performance linked to the growing integration of blockchain technology in financial services and artificial intelligence. Thomas “Tom” Lee of Fundstrat, who chairs BitMine, described Ethereum as one of the most significant macroeconomic plays over the next 10–15 years. He compared the impact of the GENIUS Act and SEC’s Project Crypto to the 1971 end of the gold standard, which marked a transformative shift in financial markets [2].

The current market dynamics support this narrative, with Ethereum recently reaching a new ATH of $4,953.73. This milestone came amid rising institutional interest, including strong inflows into ETH-linked exchange-traded funds. However, recent volatility has tempered some of this optimism, as ETH temporarily pulled back following a broader market correction over the weekend. While the price dipped to $4,604.72 at the time of reporting, the long-term fundamentals—legislative progress and institutional accumulation—remain intact [3].

Hayes’ forecast aligns with broader bullish sentiment across the crypto space, particularly as Ethereum’s network continues to evolve through upgrades such as the integration of Layer 2 solutions. These improvements are expected to enhance Ethereum’s scalability and utility, further solidifying its position as the dominant smart contract platform. While predictions remain speculative, the confluence of legislative clarity, institutional participation, and network development suggests a favorable environment for Ethereum’s continued ascent [1].

Source:

[1] Best Altcoins Make Gains as Arthur Hayes Predicts $20,000 Ethereum (https://bitcoinist.com/best-altcoins-gain-as-arthur-hayes-predicts-20000-ethereum/)

[2] BitMine Immersion (BMNR) Reigns as the 1 ETH Treasury in the World (https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-reigns-as-the-1-eth-treasury-in-the-world-2nd-largest-crypto-treasury-globally-and-the-20th-most-liquid-us-stock-trading-2-8-billion-per-day-on-average-302537388.html)

[3] Cathie Wood-Backed BitMine Slides Pre-Market As Ethereum Retreats (https://finance.yahoo.com/news/cathie-wood-backed-bitmine-slides-095616178.html)