- Arthur Hayes forecasts ENA, ETHFI and HYPE to rise 51x, 34x and 126x by 2028.
- He highlights Codex as a stablecoin venture aiming to operate as a crypto bank and notes a 25% historical hit rate for his calls.
Arthur Hayes has outlined aggressive price targets for three tokens and set out his thesis for a new stablecoin infrastructure play, Codex, in a blog post titled “Buffalo Bill.”
Hayes projects specific 2028 multiples for ENA, ETHFI and HYPE based on anticipated liquidity cycles
In his latest article, the BitMEX co-founder says Ethena’s ENA could appreciate by 51 times, Ether.fi’s ETHFI by 34 times and Hyperliquid’s HYPE by 126 times by 2028.
The projections are framed against a view that the next phase of digital asset adoption will be driven by expanding on-chain liquidity, reinforced by stablecoin issuance and the migration of trading activity to crypto-native venues.
Hayes links the potential path of returns to what he describes as the interaction of credit cycles, policy rates and risk appetite, with the three tokens positioned in segments he expects to attract net inflows.
The choice of assets reflects a deliberate spread across synthetic dollar infrastructure, liquid restaking and a high-throughput exchange ecosystem. ENA is associated with Ethena’s attempt to scale a crypto-collateralised dollar system.
ETHFI is tied to staking and restaking flows that may deepen Ethereum’s capital market effects. HYPE links to a trading venue that seeks to monetise order flow and derivatives volume. Hayes presents these as beneficiaries of liquidity transmission within crypto rather than idiosyncratic momentum trades.
Hayes identifies Codex as the stablecoin project he expects to evolve into a crypto bank and reiterates a 25% accuracy caveat
Beyond token targets, Hayes singles out Codex as the stablecoin initiative that most closely matches his criteria for a payments-grade network.
He characterises Codex not as a conventional issuer but as infrastructure designed to route stable-to-fiat and fiat-to-stable payments, with the intention of integrating settlement with local banking rails.
In his description, that model could qualify Codex as a crypto bank in functional terms if it intermediates value between stablecoin balances and deposit accounts while keeping on-chain transparency at the core.
Hayes also stresses that his forecasting track record is mixed. He notes that his own predictions have historically been accurate about a quarter of the time.
In his latest article, Arthur Hayes predicts that ENA, ETHFI, and HYPE will increase 51x, 34x, and 126x, respectively, by 2028. He also stated that Codex is the stablecoin project he's most excited about and will truly become the first true crypto bank. Arthur Hayes has…
— Wu Blockchain (@WuBlockchain) August 28, 2025
That disclosure sits alongside his repeated reminders that these views are not guarantees and that the path to 2028 will be sensitive to macro conditions. Funding rates, Treasury bill yields and regulatory treatment of stablecoins are cited as variables that could either accelerate or restrain the scenarios he outlines.
For market participants, the practical takeaway is a roadmap rather than a prescription. Hayes’s framework implies that valuation outcomes for ENA, ETHFI and HYPE will hinge on whether stablecoin float expands, whether staking economics remain attractive on Ethereum and whether exchange-driven fee pools can scale.
The Codex thesis will depend on execution against compliance and bank-connectivity milestones, along with user adoption in corridors where fiat settlement remains dominant.
That shows HYPE is currently trading at $48.11, marking a -0.80000 USD (‑1.636 %) change from the previous close, with an intraday high of $50.47 and a low of $46.77.
