BitMEX co-founder Arthur Hayes has sold his holdings of Solana (SOL) and purchased more Ethereum (ETH), despite the recent strong performance of SOL. Hayes stated in a post on X (formerly Twitter) that he received a message from a higher power instructing him to support Vitalik Buterin's Ethereum. He sold SOL and bought ETH, predicting that the price of ETH would reach $5,000. Some social media users found this prediction to be shocking, believing that ETH's price may increase but not to such a high level in a few months. However, others believe that a price of $2,400 may be the next target for a bullish movement as more institutional investors enter the market. Ethereum has had a successful year, with a 93% increase in value, after a significant drop of 55% in 2022. Institutional investors remain optimistic about ETH, with Bitcoin seeing more institutional inflows compared to ETH. Despite this, wealth management firms still have a positive outlook on Ethereum due to market indices and the potential for staking on various platforms. Solana has also performed well, with consecutive weekly inflows into its investment fund. It has experienced a significant increase in value, surpassing Ripple in terms of market capitalization. However, it still lags behind Ethereum.
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