Arthur Hayes, chief investment officer of Maelstrom, has reaffirmed his family office's structural long position in Bitcoin (BTC) while setting a price target of $10,000 for Ether (ETH) by the end of 2026. In a September 3 newsletter focused on euro-yen macro dynamics, Hayes outlined these positions alongside similar year-end targets for Ethena (ENA) and Ether.fi (ETHFI).
Hayes described the Bitcoin holding as structural, noting that no specific price target is attached to that portion of the portfolio. In contrast, he labeled the targets for the three altcoins as more speculative. The stated goals are $10,000 for ETH, $0.50 for ENA, and $2 for ETHFI. At the time of publication, ETH traded near $2,379 per token, placing the proposed target roughly 320% above current levels. ENA changed hands at $0.159 and ETHFI at $0.562, both significantly below Hayes' stated objectives. BTC held near $77,258.
The newsletter's central argument posits that the euro is weakening against the yen due to French bank stress and Bank of Japan policy. Hayes links these developments to an acceleration in Federal Reserve money printing and argues that Treasury Secretary Scott Bessent's buyback playbook will boost dollar liquidity. Maelstrom, the family office Hayes runs after co-founding BitMEX, holds positions across established majors and earlier-stage tokens. Hayes typically publishes these portfolio views as asides within longer macro essays rather than as standalone calls.
As a prominent voice in crypto trading, Hayes' price targets frequently influence market discussion. However, this particular newsletter did not provide a valuation model behind the three altcoin figures. Hayes has also been an active buyer of ETHFI this year, purchasing the token in August after exiting the position earlier in 2026.