TLDR
- Arthur Hayes repurchased Ethereum and predicts it will reach $20,000 in this market cycle
- Hayes sold $13.35 million in digital assets earlier this month but has now bought back ETH
- Tom Lee’s BitMine purchased $220 million worth of additional ETH, bringing their holdings to $6.6 billion
- Corporate groups now hold over 4.1 million ETH worth $17 billion, representing 3.39% of total supply
- Hayes cited chart patterns and institutional demand as key drivers for his bullish outlook
BitMEX co-founder Arthur Hayes has set a $20,000 price target for Ethereum during the current market cycle. Hayes confirmed he repurchased ETH after selling digital assets worth over $13 million earlier this month.
Hayes stated in a recent interview that chart patterns show bullish momentum for Ethereum. He believes the cryptocurrency will continue rising based on technical analysis. The former BitMEX executive pointed to increasing capital flows into digital asset treasuries as a primary growth driver.
Arthur Hayes just admitted he bought back ETH because “the chart says it’s going higher.”
He sees Ethereum running up to $20K this cycle.
He’s overweight $ETH 🚀 pic.twitter.com/Yd3q1t0aCe
— SamAlτcoin.eth 🇺🇸 (@SamAltcoin_eth) August 21, 2025
When asked to compare Ethereum and Solana for the rest of the bull cycle, Hayes expressed clear preference. He remains “overweight ETH” despite acknowledging both tokens may appreciate. Hayes emphasized Ethereum’s strong market position and growing institutional demand.
The crypto executive tied his outlook to broader economic conditions. He suggested political factors could influence market liquidity and investor appetite. Hayes noted that voter concerns about personal finances may drive pro-growth policies that benefit asset markets.
Hayes previously liquidated $13.35 million in digital assets earlier this month. Data showed he sold approximately 2,373 ETH valued at $8.32 million. He also sold positions in PEPE and ENA tokens during that period.
Institutional Support Grows for Ethereum
Coinbase Asset Management CIO Eric Peters shared similar optimism about Ethereum’s future. Peters described ETH as the foundation for upcoming financial infrastructure. He believes the entire financial system will eventually operate on Ethereum as a base layer.
Tom Lee’s crypto investment firm BitMine reinforced Hayes’s bullish stance. The company reposted Hayes’s interview, showing confidence in Ethereum’s potential. BitMine has been accumulating ETH despite recent market volatility and institutional sell-offs.
Corporate Holdings Reach New Levels
BitMine recently purchased $220 million worth of additional Ethereum tokens. The acquisition added 52,475 ETH to their portfolio. This brings BitMine’s total holdings to $6.6 billion worth of ETH, equal to 1.57 million tokens.
BITMINE JUST WENT ALL-IN ON $ETH.
In just over a month, Tom Lee’s Bitmine has accumulated $6.6B worth of Ethereum.
That’s more than most TradFi funds manage in a year.
This isn’t retail speculation. It’s institutional conviction.What does Tom Lee know? pic.twitter.com/A8lVmU8OUH
— Merlijn The Trader (@MerlijnTrader) August 19, 2025
The purchase makes BitMine one of the largest corporate Ethereum holders. Their buying strategy contrasts with recent institutional sales. BlackRock recently sold $254 million in ETH, but BitMine used the price dip to increase their position.
Corporate groups now control more than 4.1 million ETH tokens. The combined value reaches $17 billion at current prices. This represents 3.39% of Ethereum’s total circulating supply.
The trend shows growing institutional adoption of Ethereum as a treasury asset. More corporations view ETH as a reliable long-term holding. This institutional demand supports Hayes’s bullish price predictions.
Ethereum currently trades around $4,300 per token. The price pulled back from near all-time highs reached earlier this month. Trading volumes dropped 32% in the past 24 hours, showing cautious investor sentiment during the current market correction.
