Crypto hedge fund XWIN Finance has projected that ether could climb to $10,000 in the current cycle, citing macro liquidity conditions as a key driver alongside protocol developments, according to a report by CryptoNews.

The firm’s thesis is based on a combination of rising US M2 money supply, currently at record levels of around $22.2tn, and a 25% decline in ether exchange reserves since 2022, which suggests reduced sell-side pressure. XWIN argues that persistent inflows and constrained supply could spark a “liquidity revaluation” for the digital asset, a theory increasingly discussed among institutional crypto funds.

Institutional interest in crypto is mounting. Digital asset investment products saw $5.95bn in inflows last week, supported by soft US labour data and political uncertainty, while bitcoin has pushed past $124,000, reinforcing bullish sentiment for ether.

XWIN cautions, however, that the forecast depends on macro stability, regulatory clarity, and continued institutional participation. Any reversal in liquidity or adverse policy developments could derail the ETH revaluation thesis. For now, the fund is placing a large directional bet on liquidity momentum driving structural upside in crypto markets.