TechFlow news, according to Chaincatcher, Arthur Hayes, founder of BitMEX and Chief Investment Officer of Maelstrom, delivered a keynote speech at Token2049 on September 18, sharing his views on current macroeconomic developments.
Hayes said today marks the "Fed Day" when the Federal Reserve begins cutting interest rates. He compared ETH to an internet bond with a staking yield of approximately 4%, arguing that as Fed rate cuts lead markets to expect U.S. Treasury yields below 4%, ETH will become more attractive, potentially triggering a new bull market.
Hayes also pointed out that Fed rate cuts will reshape the crypto market landscape, with tokens offering yields higher than U.S. Treasuries—such as ENA, ETH, ETHFI, and PENDLE—likely to emerge as winners, while real-world asset (RWA) tokens like ONDO could become losers.
