Bitcoin To $400,000, Solana To $420, Ethereum Dead Weight, Says Fund Manager

In an interview that spanned everything from macro-economics to meme-coin mania, veteran trader and Asymmetric founder Joe McCann laid out a forceful—but narrowly targeted—thesis: Bitcoin’s institutional flows can propel it to the high six-figure range, Solana is “the fastest horse” toward a mid-three-digit print, and Ethereum’s investment case is increasingly threadbare.

Bitcoin To $400,000

McCann began by striking at one of crypto’s longest-lived touchstones. “It’s become clear to anyone who follows crypto that the four-year cycle is effectively dead,” he told host Scott Melker, arguing that traditional patterns of post-halving rotation have been overwhelmed by spot-ETF inflows and by what he calls an unprecedented “headline-driven market.”

Those flows, he said, are only beginning. Sovereign wealth funds, pensions, and corporations are “hoarding Bitcoin the way they once hoarded gold,” but unlike bullion, the supply cap is immutable. With uncertainty indices at all-time highs and US trade policy setting the tempo of risk assets, McCann sees a probabilistic path toward enormous upside once “local maxima” on tariffs are understood.

“If Trump does deregulation, if he chills out on tariff policy, you could see Bitcoin actually rip two, three, four-hundred thousand dollars. It really is just a number. It’s more about the flows.”

Pressed for timing, the CEO of Asymmetric would not anchor to a specific date, but he did outline the mechanics: reflexive price action in a thinly supplied market. Bitcoin, still a “fraction of the market cap of gold,” now trades in an environment where gold’s 40% year-to-date rally has revived the digital-gold narrative. A break of the Bitcoin-gold cross to the upside could lure capital away from bullion “simply because it’s easier to transport and censorship-resistant.”

The implication is that a decisive break above the psychological $100,000 could accelerate quickly to the headline figure of $400,000 on ETF demand alone—particularly if the US administration moves ahead with initiatives such asUS President Donald Trump Strategic Bitcoin Reserve buys in a budget neutral way or Senator Cynthia Lummis’s proposal.

Bitcoin To $400K, Solana To $420, Ethereum Not Worth Owning | @joemccann

0:00 Intro 2:27 Trump’s Impact on Markets 5:11 Crypto’s Massive Repricing 8:30 Gold vs Bitcoin 13:22 Bitcoin Correlation Debate 16:16 Digital Gold Future 19:06 Trump’s Crypto Influence 23:18 Meme Coins… pic.twitter.com/U52rvt39LL

— The Wolf Of All Streets (@scottmelker) May 11, 2025

Where Are Solana And Ethereum Heading?

If Bitcoin is McCann’s 70% core position, Solana is his high-conviction satellite. He credits the network’s throughput during last month’s Trump-branded meme-coin launch—“the chain did not suffer; it hummed right along”—as a proof-of-scale moment. Wallet abstractions such as Moonshot, and the migration of stable-coin flows from Ethereum, have in his view removed the UX friction that capped the last cycle.

“When the most popular person on the planet launches a meme-coin on Solana, what does that tell you? We have infrastructure ready for mass adoption.”

With spot-Solana ETFs already live in Canada and US filings advancing, he projects that “given the fundamentals coupled with ETF flows… Solana’s got to be at least $420,” a figure he reiterated more than once.

By contrast, McCann’s hedge-fund book carries only one structural short: ETH. He offered a blunt rationale: once-innovative technology, but an asset now “being cannibalized by its own L2s.” With gas averaging one cent, fee revenue is insufficient to reward holders, and institutional channels prefer tokens that either accrue protocol cash-flow or sit inside ETF wrappers—criteria he does not see Ethereum satisfying.

“The asset is not worth owning,” he concluded. “Anytime Ethereum rips, usually take profits across the board on everything.”

McCann doubts the return of the indiscriminate “alt-season” that characterised prior tops. Liquidity, he argued, has bifurcated into Bitcoin ETFs on one end and high-velocity meme-coin venues such as Pump.Fun on the other. Tokens in between must now defend themselves with “real protocol revenue, not just governance.” If they do, he foresees a coming wave of dividend-style crypto ETFs aimed at yield-hungry boomers; if they don’t, “most of them will trade to zero.”

At press time, BTC traded at $104,528.