BitMEX co-founder Arthur Hayes said he sold Solana and bought more Ethereum (ETH) despite the recent bullish momentum recorded by Solana (SOL).
In a post on X (formerly known as Twitter), Hayes said he was inspired to back Vitalik Buterin’s Ethereum at a time when Solana’s price was surging.
“My dear ones… I have a confession to make. I received a message from God while I was meditating. He said he was selling the proof of stake of Sam coin to express my love for Archangel Vitalik. So I sold $SOL and bought more More $ETH.”
He also predicts that the leading altcoin will hit $5,000, which is a huge stretch of more than 100% from its current price of $2,285. Most social media users found his prediction shocking, stating that the price of ether may rise, but not this high in just a few months.
Others believe that $2,400 should be the next stage of the bullish price movement as more institutional investors flow into the market.
After plunging 55% in 2022 as macroeconomic factors led to lower institutional investor sentiment, Ethereum experienced a year of strong growth, with a full-year gain of 93%.
Institutional investors remain bullish on ETH
While Bitcoin (BTC) recorded huge institutional inflows in Q1 and Q2 2023, driven by spot ETC applications, Ethereum’s numbers showed slow growth, dragging down even amid the rush for futures ETFs to the third quarter.
This can be seen in the slow inflow of institutional funds from investors. While market factors pointed north for the asset, Bitcoin recorded significant institutional inflows into its products, while ETH products recorded outflows. Bitcoin has attracted large amounts of institutional money during its multi-week rally, while ETH products have recorded outflows despite bullish market factors.
Total inflows into Bitcoin funds were $1.6 billion, while Ethereum surpassed $10 million, recording slight growth in the fourth quarter. Interestingly, Ethereum’s slow growth has not impacted wealth management firm sentiment on the asset.
A recent survey of crypto asset forecasts for the coming months revealed that wealthy managers still support Ethereum despite its slow growth in recent months.
According to them, most market indices support the altcoin and its slow recovery is due to a bear market that saw it lose more than 55% of its value. Additionally, they cited staking on the three platforms as a bullish narrative, anticipating inflows in the coming months.
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