BitMEX co-founder Arthur Hayes has revealed that Ethereum (ETH) is now his largest investment position after Bitcoin (BTC), reinforcing his bullish long-term outlook on the second-largest cryptocurrency by market capitalization.

Hayes, who co-founded the BitMEX derivatives exchange and remains one of the industry's most closely followed commentators, said he expects Ethereum to sustain its upward momentum after reclaiming the $3,000 level, arguing that the breakout could pave the way for a move above $5,000.

BitMEX, launched in 2014, helped popularize the perpetual swap, a leveraged derivative that has since become a staple of crypto trading. Hayes stepped down as the exchange's CEO in 2020 after US authorities charged BitMEX over failures in its anti-money-laundering controls, and in 2022 he pleaded guilty to a Bank Secrecy Act violation and received two years of probation. He now invests and publishes market commentary through his family office, Maelstrom.

His comments, made public on August 21, 2026, add to growing optimism among market participants who believe Ethereum could outperform during the current phase of the crypto market.

BULLISH: Arthur Hayes says $ETH is his largest position after $BTC, citing potential rally above $5K after breaking $3K. pic.twitter.com/ZvIqhqtF04

— Cointelegraph (@Cointelegraph) August 21, 2026

ETH Could Target $5,000

According to Hayes, breaking above $3,000 represents an important technical milestone for Ethereum. He believes the move could trigger additional buying interest and strengthen market confidence, potentially driving ETH beyond $5,000 — a level that would take it above its previous all-time high of roughly $4,880, set in November 2021.

While the prediction reflects Hayes' personal market outlook, Ethereum's actual performance will continue to depend on investor demand, macroeconomic conditions, and broader cryptocurrency market trends. The network has recently benefited from increased institutional interest and improving market sentiment, a trend supported by structural changes in how investors access the asset: US spot Ethereum exchange-traded funds began trading in July 2024, with funds from major asset managers such as BlackRock and Fidelity among the offerings, and the network's 2022 shift to proof-of-stake underpins the staking rewards that holders can earn on ETH.

Bullish Sentiment Builds Around Ethereum

Hayes' latest comments highlight the growing optimism surrounding Ethereum's long-term prospects. As the network continues attracting institutional capital and expanding its ecosystem, investors will be watching whether the cryptocurrency can sustain its momentum above key price levels.

The $3,000 breakout and the potential path toward $5,000 are likely to remain closely watched by traders in the weeks ahead, alongside widely tracked demand indicators such as spot ETH ETF flows and staking participation.