Arthur Hayes has projected that the Ethereum price could 2.5x before the end of the year. This comes amid massive on-chain accumulation by BitMine, which has just expanded its ETH treasury by over $417 million.
Arthur Hayes Stands by $10,000 Ethereum Prediction
In a recent appearance on the Bankless podcast, Arthur Hayes, co-founder of BitMEX, reiterated his belief that Ethereum is far from reaching its peak this cycle. Hayes said he remains committed to his $10,000 target. This describes the recent price volatility as mere “background noise” within a broader bullish uptrend.
$200–$250k BTC and $10–$12k ETH by year-end?
Tom Lee ( @fundstrat ) and Arthur Hayes ( @CryptoHayes ) share their price predictions, and why they think ETH could do a 2.5x in just 2 months.
2 Legends. Same ballpark. Are we ready for these levels by Dec 31? 👀 pic.twitter.com/DaMuzO2LdE
— Bankless (@BanklessHQ) October 14, 2025
Arthur Hayes went further, likening the token to a decentralized version of Nvidia or AWS. He emphasized that it provides the computational infrastructure for decentralized finance, AI-powered applications, and even institutional financial settlement.
He had made an ETH bullish projection in August, stating the token could go as high as $20,000.
Speaking in the same podcast, BitMine chairman Tom Lee projected that the token could reach between $10,000 and $12,000 by the end of 2025. Lee argued that the recent breakout from the altcoin’s four-year accumulation range signals the start of a new price discovery phase.
He highlighted that a mix of companies adopting the token, clear regulations, and government interest will help the token grow. Lee described ETH as a protocol that is neutral and resistant to censorship, which he believes will attract institutional investors looking for long-term investments.
Analyst Michaël van de Poppe also noted that the ETH/BTC pair movements resemble the early stages of previous upcycles. He said, “It’s just beginning, there’s much more upside ahead.”
Source: X
BitMine Expands ETH Holdings by $417 Million
Meanwhile, BitMine continues to strengthen its position in the token’s ecosystem. According to on-chain data from Lookonchain, the company added 104,336 tokens worth roughly $417 million to its corporate treasury in a single day. The tokens were moved from Kraken and BitGo into three new wallets as part of an accumulation strategy.
Source: Lookonchain
With this purchase, BitMine’s total holdings now exceed 3.03 million tokens, equivalent to more than 2.5% of the entire supply. Just a week earlier, BitMine bought Ethereum worth $103 million. This showed consistent confidence even as the token’s prices faced short-term pressure from broader macroeconomic uncertainty.
This comes as institutional adoption of the token has reached an all-time high. Treasuries and exchange-traded funds (ETFs) now collectively hold 12.5 million ETH, representing 10.3% of the total supply.
Source: Strategicethreserve.xyz
The bullish sentiment comes as Ethereum ETFs continue to attract massive investor interest. The product bounced back after days of outflows. It saw about $169 million in inflows yesterday.
