Foreign media reports that BitMEX, co-founder with Arthur Hayes, has once again expressed optimism about Ethereum and some DeFi tokens, setting price targets for the end of the year: ETH to rise to $10,000, Ethena's ENA to rise to $0.5, and Ether.fi's ETHFI to rise to $2. Based on the prices mentioned in the article, these three targets represent a significant increase from the current levels.
ETH Target is set at $10,000
Reports show that ETH once fell to around $2,357 on Thursday, before rebounding to near $2,400. To reach the $10,000 target set by Hayes, a gain of over 300% is required. The article points out that this assessment is quite aggressive, but it is not completely detached from the current market's optimistic expectations.
Hayes has repeatedly emphasized in the past that Ethereum has the potential to become the core settlement layer for institutional funds. He has also stated that some competitive Layer1 networks may lose market attention in the future. This price assessment continues his existing views on Ethereum's long-term role.
ENA and ETHFI are expected to see even higher gains.
In addition to ETH, Hayes also specifically mentioned two other tokens, DeFi, which exhibited higher volatility. The report stated that at that time, the trading price of ENA was around 0.15 US dollars, with a target price of 0.5 US dollars, representing a potential increase of about 230%. CoinGecko data shows that ENA still fell by approximately 6% in the past 24 hours, which contrasts with the optimistic assessment of Hayes.
At that time, the price of ETHFI was 0.56 US dollars. If it rises to 2 US dollars, the increase would be approximately 250%. Different from ENA, ETHFI rose by about 4% on Thursday, indicating that the market has already shown some reaction to this target price.
The article also mentioned that Hayes set a higher target for ENA in January this year and stated that they had already allocated that token as well as other DeFi assets. In contrast, the judgment of $0.5 this time is actually more conservative than before.
The core remains the assessment of US dollar liquidity.
The report suggests that the real underlying factor behind these target prices is not the fundamental valuation of the project, but rather Hayes's assessment of macro liquidity. He is currently focusing on observing the exchange rate between the euro and the Japanese yen and expects that the rate of EUR / JPY could fall from around 185 to 140 or even lower, with that potential drop expected to occur before June 2027.
According to his logic, the pressure on the European banking system and changes in the flow of capital from Japan may force the Federal Reserve to provide more support to the U.S. Treasury financing market, thereby driving an expansion of dollar liquidity. Within this framework, crypto assets are likely to become one of the assets that respond fastest to the release of liquidity.
In other words, the target prices for ETH, ENA, and ETHFI are essentially a bet on a more relaxed liquidity environment. If this macroeconomic premise does not materialize, there is still a considerable distance for these assets to reach their stated targets.
