BitMEX co-founder Arthur Hayes sells Solana, buys more Ethereum despite bullish momentum
BitMEX co-founder, Arthur Hayes, has made a surprising move in the cryptocurrency market. Despite the recent bullish momentum seen in Solana (SOL), Hayes has decided to sell his SOL holdings and buy more Ethereum (ETH). In a post on X (formerly Twitter), Hayes explained that he received inspiration to support Vitalik Buterin’s Ethereum amid the soaring price of SOL.
“Fam … I have a confession to make. I received a message from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik. So I dumped $SOL, and bought more $ETH.”
This move by Hayes comes as a surprise to many, considering the recent strong performance of SOL. However, Hayes has projected that the price of Ethereum could reach $5,000 in the future, which represents a massive increase of over 100% from its current value of $2,285.
Ethereum’s Strong Year and Investor Sentiments
Ethereum has had a strong year, with a YTD surge of 93% after experiencing a decline of over 55% in 2022. This decline was mainly attributed to negative sentiments from institutional investors due to macroeconomic factors. However, despite the slow recovery and market challenges, wealthy managers have shown their continued support for Ethereum.
A recent survey conducted among wealth management firms revealed that most of them are backing Ethereum and believe in its long-term potential. They view the current bear market as a temporary setback and expect inflows to increase in the coming months.
In addition, three staking platforms have been identified as a bullish narrative for Ethereum, further supporting the positive sentiment surrounding the altcoin. This indicates that even though institutional inflows into Ethereum products have been slower compared to Bitcoin, wealth managers still see the potential for growth and value in Ethereum.
Solana’s Rise and Increasing Popularity
Solana, often referred to as the “ETH killer,” has gained significant attention as an institutional favorite. The asset has consistently seen weekly inflows into its investment fund and has even surpassed Ripple (XRP) in terms of market capitalization.
Despite Solana’s impressive performance, it is still a long way behind Ethereum in terms of both price and market activity. Solana currently trades at $91.7, while Ethereum is valued significantly higher. However, Solana has witnessed a 17% increase in the last seven days and a substantial 67% growth over the past month, indicating its potential for further growth and adoption.
