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Blue chip non-fungible token collection CryptoPunks will outperform Ethereum in the current market cycle, at least in dollar terms, says BitMEX founder and Maelstrom investment chief Arthur Hayes.

Not many people have been as bullish on Ethereum as Hayes in the past few months. He said in April that ETH will be among the top-performing cryptocurrency majors this cycle, adding that it would outperform Solana—a bold claim at the time as the asset was trading near multiyear lows. And he has continued to wax bullish amid the asset’s recent rebound, predicting it would hit $10,000 by year’s end.

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But Hayes said Wednesday on X that CryptoPunks will likely outperform ETH due to their unique position as status symbols in the cryptocurrency community.

“CryptoPunks will outperform ETH this cycle in $ terms bc ETH bag holders will flex in NFTs, it’s an internet status game,” he said.

Hayes’ remarks suggest a repeat of the 2021 cryptocurrency market cycle trend that made so-called profile picture NFTs all the rage as asset prices soared. The trend was so pervasive that it attracted interest from outside native cryptocurrency circles, with many celebrities, at the time, flaunting NFTs like they would a luxury watch.

Hayes’ prediction is based on the premise that the digital society is bound to mirror the physical world.

“The whole world economy outside of food and energy production is a giant status game, why would the internet society be any different,” he said.

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To be sure, the NFT market has seen a significant uptick in activity in recent weeks as cryptocurrency asset prices surge, and CryptoPunks have been among the biggest gainers in this resurgence.

According to CryptoSlam data, the collection has recorded the most sales by volume of any NFT on Ethereum in the past 30 days, with nearly $38 million, a remarkable 170% increase over the past 30 days.

These numbers have been bolstered by a single whale purchasing 45 CryptoPunks for over 2,080 ETH worth $7.8 million on Monday. Digital media company GameSquare (NASDAQ:GAME) also bought a rare CryptoPunk for $5.2 million on Thursday to kick off an NFT yield strategy.