After Trump's election, the cryptocurrency market has been surging for several consecutive days. Not only has
BTC broken through $77,000, setting a new historical high, but the long-dormant ETH has also seen a strong rally, reaching a high of $3,157 today on
CoinMarketCap, a new 3-month high, causing the previously repeatedly low ETH/BTC exchange rate to start to turn around, currently at 0.04053, up nearly 4% in the past 24 hours.
Arthur Hayes Buys ETH
During the surge in ETH, according to on-chain analyst Ember
monitoring, BitMEX founder Arthur Hayes appears to have purchased ETH through Wintermute. In the past 14 hours, he has received 1,071.7 ETH ($3.31 million) from Wintermute, and Arthur Hayes' transactions are often conducted through Wintermute.
It is worth noting that Arthur Hayes has recently
expressed his views on the prospects of ETH and Solana in 2025. When asked to choose between the two, he said he would choose ETH, as although Solana's revenue and transaction volume have grown significantly, "the larger you get, the harder it is to grow at a rate that exceeds the law of large numbers," and with declining transaction fees and the emergence of L2 solutions, ETH has significant potential to drive growth in its transaction volume.
Although Arthur Hayes did not give a specific price target, he expects ETH to outperform Solana in the next 12 to 18 months.
However, this is quite different from Arthur Hayes' stance before the US presidential election, when he
stated that he preferred Solana over ETH, as ETH is currently too slow and needs a narrative shift to change people's perception of its poor performance in recent months, while Solana has more forward-thinking and is quick to act, and its performance may surpass BTC when the market is bullish.
Will ETH Set a New High?
Santiment posted an
analysis that over the past eight years, ETH has maintained its position as the second-largest cryptocurrency by market cap, and with ETH price reaching the $3,120 range, ETH has finally shown signs of growth.
Santiment shared whale transaction data showing that the activity of key ETH stakeholders has increased significantly, and these addresses' activity has also helped ETH price reach a 14-week high. Additionally, ETH trading volume has recently risen to $10.4 billion:
It is expected that during this bull market, any growth in BTC is likely to result in profits being reallocated to ETH, potentially driving ETH to a new all-time high, and ETH network activity appears to be very healthy.
