rewrite this title Arthur Hayes bets on $10k Ethereum and CryptoPunks as new status symbols

Arthur Hayes, Chief Investment Officer at Maelstrom and former BitMEX CEO, has shared a highly optimistic outlook for Ethereum (ETH), predicting that the digital asset could reach a new all-time high of $10,000 by the end of the year.

In a July 23 blog post, Hayes described ETH as “the most hated large-cap crypto,” likening its current sentiment to Solana following FTX’s collapse in 2022 before its meteoric rise from $7 to $280.

Hayes believes momentum is now shifting. He points to Ethereum’s growing use in corporate treasury strategies and support from major Western institutional players, including Fundstrat’s Tom Lee, as signs of an impending rally.

He suggested that mounting institutional confidence could trigger a market breakout, saying investors should be proactive.

According to him:

“Buy first, ask questions later.”

CryptoPunks could outshine ETH

While bullish on Ethereum, Hayes also argued that CryptoPunks NFTs could outperform ETH in terms of dollar value.

He reasoned that Ethereum holders will likely channel their profits into NFTs as status symbols, reflecting broader societal behaviors around wealth and prestige.

Hayes questioned:

“[NFTs are] an internet status game. The whole world economy outside of food and energy production is a giant status game, why would the internet society be any different?”

This perspective echoes comments from Yat Siu, chairman of Animoca Brands, who compares NFTs to luxury items like Rolex watches or Birkin bags. According to Siu, people purchase these items mainly due to their cultural symbols of identity and belonging rather than their functionality.

CryptoPunks, launched in 2017 as one of the first NFT projects on Ethereum, have gained legendary status in the digital art world.

At the peak of the market in 2021, the collection’s floor price was worth an average of 125 ETH, but its value fell significantly during the market winter to a low of 21 ETH.

However, with the NFT space enjoying some form of renaissance lately, CryptoPunks’ value has surged in the past week by over 20% to 48 ETH, which equates to $177,000.

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