Arthur Hayes: ETH Is Largest Position Outside Bitcoin; Break Above $3,000 Could Fuel Rapid Surge Toward $5,000

Arthur Hayes, co-founder of BitMEX and head of the Maelstrom fund, said ETH is the largest position in his portfolio outside of Bitcoin. He noted that ETH is the second-largest token by market cap that has yet to break its 2021 all-time high, and from a risk-reward perspective, its risk of going to zero is far lower than other crypto assets, making it worth a heavy allocation.

Hayes believes that due to ETH's limited gains in this cycle, it has significant catch-up potential. Once the price starts moving, it will form a reflexive uptrend. He said that after breaking the $3,000 level, ETH could quickly rise above $5,000, with its year-end target price within reach. There are still many investors looking to go long on ETH for various reasons.

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