BitMine Immersion Technologies Inc BMNR chair Tom Lee and BitMEX co-founder Arthur Hayes have reiterated their bullish year-end targets for Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: In an episode of the Bankless podcast on Tuesday, Lee and Hayes highlighted Bitcoin's recent all-time highs, noting that it is pulling liquidity from the broader crypto market, leaving many altcoins stagnant or declining.
Hayes described the market rotation as a normal "push and pull" but criticized leveraged wrapper products as highly risky, citing negative gamma dynamics and structural flaws in the U.S. market.
Both remain confident heading into year-end, projecting Bitcoin at $200,000–$250,000 and Ethereum at $10,000–$12,000.
On stablecoins, Lee called Tether "the central bank for crypto", suggesting its $500 billion scale may be undervalued, while Hayes noted that stablecoins could eventually overtake Bitcoin in influence.
Also Read: Citi Plans 2026 Launch For Crypto Custody Service
Why It Matters: Lee emphasized Ethereum's institutional momentum, pointing to strong demand for BitMine, the ETH-focused public company he chairs, which has attracted significant interest from institutional investors, including Cathie Wood's Ark funds.
He suggested BitMine's initial 5% ETH ownership target could rise to 10% without materially impacting the market.
Both Lee and Hayes agreed that the current market cycle may extend beyond the traditional four-year template, influenced by policy changes and global liquidity shifts.
Lee also stressed the importance of bipartisan engagement to avoid regulatory reversals that could hinder crypto adoption.
What's Next: Bitcoin dominance is leading into Q4, Ethereum may be positioned for a catch-up rally, and institutional infrastructure is deepening.
However, risky leveraged products may not capture the upside as efficiently as market leaders.
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