Arthur Hayes Bets on ‘Internet Status’ Over Tech in the Punks vs. ETH Trade This Cycle
Main Idea
Arthur Hayes predicts that CryptoPunks will outperform Ethereum (ETH) in value this cycle, citing their status as rare, high-end NFTs and recent market activity as key factors.
Key Points
1. Arthur Hayes, co-founder of BitMEX, argues that investors may shift ETH gains into rare NFTs like CryptoPunks due to their status as 'flex assets'.
2. CryptoPunks, with a fixed supply of 10,000, saw a 460% weekly surge in sales, with $26 million in trading volume recently.
3. The entry-level price for CryptoPunks is around 48 ETH (~$177k), reflecting strong demand.
4. The Infinite Node Foundation acquired the CryptoPunks IP for $20 million, planning to elevate their status through preservation and community engagement.
5. Yuga Labs still holds 414 CryptoPunks, now valued at ~$71 million, reinforcing their long-term value proposition.
Description
Hayes called this an “internet status game”, similar to wealthy individuals buying luxury cars and art to show off. CryptoPunks saw extraordinary activity this past weekend, with over $26 million in trades Back in May, NODE, a newly formed nonprofit backed by VC Ribbit Capital, purchased the CryptoPunks IP from Yuga Labs for around $20 million Arthur Hayes, co-founder of BitMEX, posted on X that CryptoPunks will outperform Ethereum this cycle in US dollar terms, arguing it’s less about blockchai...
Latest News
- Arthur Hayes Bets on ‘Internet Status’ Over Tech in the Punks vs. ETH Trade This Cycle2025-07-23 16:27:13
- Goldman Sachs, BNY Mellon Team Up on Blockchain for Money-Market Funds2025-07-23 16:04:39
- Here’s How Star System Labs Is Building Real Infrastructure Utility for Memes Coins2025-07-23 15:43:16
- MICAR-Compliant Tokenforge Introduces Utility Token TKFG2025-07-23 15:21:13
- CoinDCX CEO Vows a “Stronger” Comeback and Launches a 25% Bounty2025-07-23 14:55:36