This Is Why Renowned Crypto Investor Sold Solana for Ethereum

Arthur Hayes, the founding father of the BitMEX crypto buying and selling platform, just lately expressed a pessimistic view of Solana. He conveyed this sentiment after promoting his SOL holdings to accumulate extra Ethereum.

Apparently, Hayes attributed his bearish outlook to a divine message he acquired whereas meditating.

Ethereum Value Might Attain $5,000

Hayes cited Solana’s affiliation with Sam Bankman-Fried, the convicted founding father of FTX, as an element supporting his detrimental stance on SOL. He believes such shut ties might imply hassle for Solana sooner or later, which inspired him to promote his holdings.

“I acquired a message from the Lord whereas meditating. He mentioned dump that Sam coin POS, and profess your love for Archangel Vitalik. So I dumped SOL, and bot extra ETH,” Hayes said.

Following his determination to promote all his SOL tokens, Hayes predicted a possible Ethereum worth surge. Hayes estimates ETH might enter a brand new bull run towards $5,000.

Learn extra: Solana vs. Ethereum: An Final Comparability

Though Hayes didn’t specify a timeline for this prediction, reaching such a worth would mark a brand new all-time excessive for Ethereum. Certainly, it means ETH would surpass the $4,864.11 peak recorded throughout the 2021 bull market.

Within the Meantime, SOL Outperforms ETH

Hayes’ bearish view is stunning, contemplating Solana’s worth efficiency and the general progress of its ecosystem. Throughout the previous 12 months, SOL’s worth has gained an astonishing 875% in comparison with that of ETH, which is up by simply 87%.

Likewise, Solana’s decentralized finance (DeFi) ecosystem has witnessed a resurgence, indicating the sturdy adoption it’s having fun with.

For context, on-chain knowledge from DefilLama reveals that the buying and selling quantity of decentralized exchanges on the Solana community flipped that of Ethereum throughout the previous day. It noticed over $2 billion price of trades, whereas these on Ethereum solely noticed $1.45 billion.

Asset administration agency VanEck predicts Solana will ascent to a high three blockchain in market capitalization, complete worth locked (TVL), and energetic customers within the coming 12 months. The projections additionally anticipate varied asset managers to launch a Solana ETF (exchange-traded fund).

Moreover, Solana has established vital partnerships with distinguished conventional world monetary establishments. Experiences from BeInCrypto spotlight collaborations with business giants similar to Visa and Shopify, who leverage Solana’s know-how to expedite their fee processes.