According to the ex-head of the BitMEX crypto exchange Arthur Hayes, in the event of a successful update of the Ethereum, the value of the network's underlying asset - ETH will begin to add.
The sellers capitulated, the expert believes. Those who do not believe in its future have left the asset, while the ether has not yet demonstrated all its capabilities.
Note that recently Arthur Hayes predicted the fall of bitcoin and ether to $20,000 and $1,300. He stated that he was ready to buy leading digital currencies only at such a cost. But now the former head of BitMEX is more optimistic.
According to him, the drop we are seeing has nothing to do with the technical performance of BTC and ETH.
Hayes emphasized: "If the update is successful, then traders will continue to buy ETH. They will actively acquire altcoins, believing that after the Merge the network will be used much more extensively than it is now, and Ethereum will become deflationary."
However, the expert does not exclude that the fork may not lead to a qualitative improvement in the operation of the blockchain. In this case, the attractiveness of Ethereum as a network for transactions will weaken, and traders will prefer to open short positions to quickly get out of ETH.
The former CEO of BitMEX also touched on the prospects for the DeFi decentralized finance market.
In his opinion, this ecosystem is replacing the traditional financial infrastructure and provides users with much more opportunities.