Big investment firms like VanEck remain bullish, forecasting that Ethereum could hit $22,000 by 2030.
Arthur Hayes, the co-founder of BitMEX, revealed that he has bought back Ethereum this month, as price climbed above $4,200.
This happened a week after he notified the public that he sold $8.32 million worth of the altcoin. He returned after the ETH price climbed, a move that is against his earlier prediction of a fall.
The move came as new forecasts, such as VanEck’s $22,000 target for 2030, gained attention.
In a recent development, Arthur Hayes, who once led BitMEX as CEO, returned to the Ethereum market just days after selling a large amount.
Last week, Hayes sold 2,373 ETH worth about $8.32 million. At the time, he thought prices would fall across the market.
He pointed to the U.S. Federal Reserve’s decision to leave interest rates the same as one of the reasons.
According to the outlook, Hayes said this sign was negative for the crypto market.
He also mentioned geopolitical tensions linked to the U.S. President Donald Trump’s foreign policy and military actions as factors that could add more market swings.
Based on these concerns, Hayes thought the Ethereum price could drop toward $3,000. However, the market moved in the opposite direction.
Over the next week, Ethereum’s price rose dramatically, breaking through $4,000 and reaching $4,200. That move marks a gain of nearly 20% in just seven days.
After the rally, Hayes wrote on social media that he had “to buy it all back” and joked that he would never take profits again.
It is important to add that Ethereum’s rally came as many cryptocurrencies posted gains. Market analyst Michaël van de Poppe said the market cycle still had more to run.
He noted that altcoins, including ETH, had not yet seen big moves and could climb 200 to 500 percent in the coming three months.
It is important to add that the quick rise in Ethereum price also led to huge losses for some traders.
Data from Lookonchain showed that a trader with the address 0xcB92 was fully liquidated after the price broke above $4,200.
Losses from the position were more than $15.85 million. If anything is clear, Hayes’ return to buying showed how quickly sentiment can shift in crypto markets.
Only a week separated his large sale and his buyback, but the market’s direction had already changed.
While Hayes’ trades focused on short-term movements, others are looking at Ethereum’s long-term path.
In June 2024, investment firm VanEck published a report forecasting that ETH could reach $22,000 by 2030.
The report was led by Matthew Sigel, Head of Digital Assets Research, along with Patrick Bush and Denis Zinoviev.
VanEck’s base case was built on Ethereum’s role in powering decentralized applications, growing interest from institutional investors, and rising on-chain activity.
The firm estimated that by 2030, the Ethereum price could have a market value of $2.2 trillion if these trends continued.
The analysts projected that Ethereum’s annual growth rate could be close to 38% over six years.
VanEck also suggested portfolio strategies that included Ethereum alongside Bitcoin, with the former making up a notable share in crypto-only holdings.
More importantly, Hayes’ decision to buy back Ethereum so soon after selling showed how unpredictable the market can be.
It is important to add that prices can swing sharply in short periods, and views can change just as fast.
In addition, the bullish long-term forecasts from major firms like VanEck added another layer to the discussion around where Ethereum price might go in the years ahead.
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