Arthur Hayes has set a $10,000 target for Ether by the end of 2026, a call that would require the second-largest cryptocurrency to rise more than fourfold from the prices around $2,400 cited in recent market coverage. That level would also put Ether well above its previous all-time high of roughly $4,900 reached in November 2021, a mark it has not approached since.

The former BitMEX chief executive, who now serves as chief investment officer at his family office Maelstrom, framed the projection as a speculative portfolio view rather than a valuation-backed forecast. Maelstrom remains structurally long Bitcoin, and Hayes also outlined targets of $0.50 for Ethena's ENA token and $2 for Ether.fi's ETHFI — both projects tied to Ethereum's restaking and yield-generating ecosystem, meaning their fortunes are closely linked to demand for ETH itself.

A Big Liquidity Trade, Not a Spreadsheet

Hayes tied the call to a broader bet that financial strain and policy responses will push more liquidity into markets. His recent commentary has focused on euro-yen dynamics, pressure in European banking, Bank of Japan policy and the possibility of faster U.S. monetary expansion.

Arthur Hayes predicts Ethereum could hit $10,000 by year-end. He also sees major upside for ENA and ETHFI as liquidity flows back into crypto. Bullish outlook for Ethereum and DeFi. pic.twitter.com/rSm3zWYEn8 — Zaheer 📉 Self Made Traders (@zaheir06) September 3, 2026

He has also pointed to Treasury bond-buyback activity and Federal Reserve balance-sheet growth as possible supports for risk assets. The thesis is a familiar one in crypto: easier financial conditions tend to pull capital toward scarce or high-beta assets, including Bitcoin and Ether. Hayes has been making liquidity-driven calls of this kind since his BitMEX days, and past targets of his have not always materialized on the timelines he laid out.

Notably, the $10,000 figure is not accompanied by a detailed model of Ethereum network revenue, ETF or institutional inflows, staking demand, or supply. It is a market view, not a published set of assumptions.

Ethereum Still Has a Long Way to Climb

At roughly $2,495, Ether sits about 307% below Hayes' target. The token rallied in August before fading along with the rest of the market, a reminder of how much ground it would need to cover within a short window.

ENA and ETHFI also traded well below their marks, near $0.159 and $0.562 respectively — meaning Hayes' targets imply gains of more than 200% for ENA and more than 250% for ETHFI. Hayes has been an active ETHFI buyer this year, adding to his position again in August, which gives that forecast a personal-book overlay as well as a public one.

Ultimately, the number may matter less than the conditions behind it. A move of that size would require lasting liquidity, renewed appetite for digital assets, and Ethereum-specific demand capable of surviving volatility — none of which is guaranteed. Bold targets can move sentiment, but they can also turn into noise the moment the market stops cooperating.