DeFi Exec Warwick Misses Big on ETH, Owes $50K in Failed Wager

TLDR

• Kain Warwick has paid $50,000 after losing a public bet on Ether’s price performance.
• The bet was based on Ether reaching $25,000 by the end of 2025, which did not happen.
• Ether ended 2024 trading at around $2,980, well below the predicted target.
• The price drop followed a $19 billion crypto market liquidation in October 2024.
• The bet was made with Multicoin Capital’s Kyle Samani, who doubted Ether’s recovery.

DeFi veteran Kain Warwick will pay $50,000 after losing a public bet on Ether’s price performance in 2025, following a steep market correction and a missed price target that many expected to hit. The Synthetix founder made the wager in late 2023, believing Ether would reach $25,000 by the end of 2025. However, the token ended 2024 well below projections, settling at just under $3,000.

Ether Misses Target Despite Early Optimism

Ether closed on December 31 at around $2,980, falling 13.7% from where it began the year, according to CoinMarketCap. The drop followed an October 10 market event that erased nearly $19 billion in crypto market value.

That liquidation triggered a downturn, pushing Ether down to $2,767 before a slow recovery began toward year-end.

Kain Warwick placed his bet in November with Multicoin Capital managing partner Kyle Samani during a public exchange. Samani doubted the possibility of Ether climbing to $25,000, prompting Warwick to challenge him with a 10:1 bet.

“Time to pay up,” Samani posted on X Wednesday, tagging Warwick after the bet expired without success.

DeFi Veteran Lowers Expectations for 2026

Warwick acknowledged the failed prediction during an interview with Cointelegraph and shared a new price target. He now expects Ether to reach $10,000 in 2026 a sharp reduction from his earlier forecast.

Despite the bet’s outcome, Warwick highlighted the coin’s partial recovery since October’s dip, focusing on long-term growth. However, his earlier bullish stance now appears tempered by recent market trends.

Warwick was not alone in making high projections as several industry voices echoed similar expectations in 2023. Among them was BitMine chair Tom Lee, who forecasted Ethereum reaching up to $12,000 by year-end.

Industry Peers Also Projected High Targets

Tom Lee, speaking on the Bankless podcast in October, estimated Ethereum would close the year between $10,000 and $12,000. This prediction followed a broader trend of confidence in Ethereum’s value proposition.

Arthur Hayes, co-founder of BitMEX, also maintained a consistent prediction of $10,000 for Ether during the same podcast episode. However, like Warwick, his forecast did not materialize before the year concluded.

While Ether saw partial recovery, it never came close to breaching even $5,000 throughout 2024. It ended the year below $3,000, far from most optimistic projections made during 2023’s bullish sentiment.

ETH’s underperformance mirrored a broader slowdown across the DeFi sector after the October crash impacted major crypto assets. Despite signs of institutional adoption, investor expectations did not match real-time market movement.

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