Woofun AI notes that Arthur Hayes, co-founder of BitMEX and head of the Maelstrom fund, holds ETH as his largest portfolio position excluding Bitcoin. He characterizes ETH as the second-largest market cap token that has not yet surpassed its 2021 peak, offering lower downside risk compared to other crypto assets. Hayes argues that limited price appreciation in the current cycle leaves room for further gains, potentially triggering a reflexive upward trend. He suggests that a breakout above $3,000 could propel ETH quickly toward $5,000, with year-end targets becoming attainable as investor demand for long positions remains strong.