Arthur Hayes, co-founder of BitMEX, says that every major Layer-1 blockchain outside of Ethereum and Solana is eventually going to zero. In an interview with , Hayes explained why he believes the market still misunderstands Ethereum’s long-term importance, and why institutions will ultimately choose ETH as their foundation for Web3.
Arthur Hayes, co-founder of BitMEX, says that every major Layer-1 blockchain outside of Ethereum and Solana is eventually going to zero. In an interview with , Hayes explained why he believes the market still misunderstands Ethereum’s long-term importance, and why institutions will ultimately choose ETH as their foundation for Web3.
Hayes argued that traditional financial institutions have finally accepted a reality they spent a decade resisting; private blockchains don’t work. Now, according to Hayes, banks are preparing to move into Web3 using public blockchains, and he says Ethereum will be their default choice.
The shift accelerated with the stablecoin boom, pushing banks to rethink their crypto strategies. “You must have a public blockchain for security and real usage, and the one they’ll choose is Ethereum.” This, he says, will drive the next big price surge in ETH.
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‘Everything Else Is a Zero’
Hayes was blunt about other Layer-1 ecosystems. He said, “I think pretty much every other L1 besides Ethereum or Solana is a zero and they’re not going to do very well.”
The reason?
According to Hayes, new L1s always promise to be “the next Ethereum,” but almost none deliver real use cases or user activity He singled out Monad as the latest high-FDV, low-float chain that he expects to crash by 99%, just like many overhyped L1s before it.
Ethereum is trading near $3,000 and is still stuck below its resistance zone between $3,000 and $3,100. If the price finally breaks above $3,100, it could move toward $3,250–$3,300, and later even $3,600–$3,700. If that breakout happens, the $3,000 area may turn into new support. Ethereum also has strong support near $2,600.
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The recent oversold signal on the RSI is still pushing ETH slightly upward, showing a slow but steady recovery. For now, Ethereum’s next move mainly depends on whether it can break this resistance zone and whether Bitcoin remains stable.
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