BitMEX co-founder and Maelstrom Chief Investment Officer Arthur Hayes has stated that his family office's cryptocurrency positioning remains unchanged, anchored by a structural long position in Bitcoin. Alongside the Bitcoin position, Hayes outlined a $10,000 price target for Ether by the end of 2026.
The targets were shared in a September 3 newsletter focused primarily on euro-yen macroeconomic dynamics. Within the newsletter, Hayes also set year-end targets of $0.50 for Ethena and $2 for Ether.fi, while keeping his Bitcoin long position without a specific price target.
Macroeconomic Thesis and Market Context
Hayes publishes his portfolio views as part of broader macroeconomic essays rather than standalone market calls. The latest newsletter discussed the euro weakening against the yen, connecting French banking stress and Bank of Japan policy to potential Federal Reserve monetary expansion.
At the time of the newsletter's publication, Ether traded near $2,379, making Hayes' $10,000 target approximately 320% higher than current levels. Meanwhile, Ethena changed hands around $0.159, Ether.fi traded near $0.562, and Bitcoin was valued near $77,258.
Hayes categorized his Bitcoin position as structural while describing the targets for Ether, Ethena, and ETHFI as more speculative. The newsletter did not provide a formal valuation model behind the altcoin figures. Additionally, regulatory and trading records show Hayes has been active in the market, having bought back into ETHFI in August after an earlier exit in 2026.
