In a revealing exchange on August 21, 2025, BitMEX co-founder Arthur Hayes offered his take on the ongoing Ethereum versus Solana debate, a topic that has captivated crypto enthusiasts and investors alike. Speaking with Ran Neuner, Hayes decisively leaned toward Ethereum as the likely outperformer in the current market cycle, while still acknowledging Solana’s potential to rally.
The Case for Ethereum
Hayes’s endorsement of Ethereum over Solana wasn’t just a gut feeling; it was steeped in a pragmatic assessment of market dynamics. “ETH is a bigger asset to move,” Hayes stated, pointing to the substantial capital flow that has recently targeted Ethereum. According to Hayes, this influx turns Ethereum’s size from a potential liability into a key strength, channeling the largest bids in the market. As explored in our recent coverage, Arthur Hayes Sees $20K ETH Ahead, Why He’s Backing Ethereum Over Solana, his bullish outlook on Ethereum is driven by these dynamics.
Neuner highlighted the shift in market sentiment, noting Ethereum’s transformation into “the darling asset of Wall Street.” The conversation has moved from a Solana-centric focus to an Ethereum-led narrative, driven by catalysts such as stablecoins and high-profile endorsements from figures like Joseph Lubin and Tom Lee. Hayes didn’t refute this perspective. Instead, he emphasized Ethereum’s potential for substantial gains, predicting ETH could soar to $10,000 or even $20,000 before the cycle concludes.
Solana’s Position in the Race
Despite his bullish stance on Ethereum, Hayes didn’t dismiss Solana’s prospects. He acknowledged Solana’s rapid pace, likening the competition between the two blockchains to a race. “They’re both going to go up,” Hayes remarked, but he remained skeptical about Solana’s ability to outpace Ethereum in terms of gains.
Hayes has a vested interest in Solana, advising Upexi, a Nasdaq-listed company with a Solana-focused treasury. Yet, even with this involvement, he maintained his position: “Do I believe [Solana]’s going to go up more than ETH?… Probably not.” This tempered optimism stems from his belief that Ethereum’s market structure and the passive demand it attracts are formidable advantages that Solana may struggle to match.
Market Dynamics and Future Projections
Hayes’s analysis is grounded in three main factors: positioning, flows, and trajectory. He is “overweight ETH” in his portfolio, reflecting his confidence in its outperforming potential. The flows of capital into Ethereum, despite its larger base, are expected to continue, reinforcing its upward trajectory. Once Ethereum sustains a breakout, Hayes envisions “the sky’s the limit” dynamics, forecasting a cycle target well into five-digit territory for ETH.
While Solana may have enjoyed a period of dominance in discussions, Ethereum’s narrative has emerged stronger, backed by institutional interest and technological advancements. Hayes’s insights underline the evolving landscape of crypto investments, where strategic positioning and market mechanics play pivotal roles in determining asset performance. For a broader perspective on the current market sentiment, see our analysis, Crypto Market in ‘Fear’, But Ethereum, Solana and Chainlink Stay Strong: Analysis.
As the cryptocurrency market continues to evolve, the debate between Ethereum and Solana remains a focal point for investors. Hayes’s perspective adds a layer of depth to this discourse, suggesting that while both chains hold promise, Ethereum’s advantages may ultimately tip the scales in its favor. At the time of writing, Ethereum’s price stood at $4,285, a testament to its ongoing appeal and potential for future growth. The crypto community will undoubtedly keep a watchful eye on these developments, eager to see if Hayes’s predictions materialize as the cycle unfolds.
Source
This article is based on: Ethereum Vs. Solana: Arthur Hayes Picks His Winner For This Cycle
Further Reading
Deepen your understanding with these related articles:
- Ethereum ETF Inflows Outpace Bitcoin ETFs for Fifth Straight Day
- HYPE, SUI Lead Altcoin Losses as Ethereum Dips Under $4,300
- Wyoming’s ‘Frontier’ Stablecoin Debuts on Ethereum, Solana and Avalanche
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
