key insights
- Ethereum drove the exit. ETH represented approximately 68% of the reported $22.28 million in sales.
- Hayes reversed his earlier risk positioning. His latest announcement contrasts with Maelstrom’s previously reported maximum exposure to crypto assets.
- The move is a caution, not necessarily a permanent withdrawal. Hayes plans to wait for clearer macroeconomic and geopolitical conditions before considering a return.
Arthur Hayes sold Maelstrom’s entire directional trading book worth approximately $22.28 million on October 24, 2026. The BitMEX co-founder’s statement about increasing macroeconomic and geopolitical uncertainty marks a defensive move that may cause a few cryptocurrency markets to come under pressure. His decision reverses an earlier bullish stance and places renewed attention on institutional risk management.
At least for the first time he didnt hype people up 5mins before his dumping
— Achwasweissich (@yfayfo) October 24, 2026
Hayes retreats as economic uncertainty mounts
Hayes, chief investment officer of Maelstrom Fund, announced his exit on X, saying he had taken profits on Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and other altcoins. He described the outlook as uncertain and said he would wait for an “all clear signal” before returning.
“I think we gotta have to go down to go up,” Hayes wrote, explaining his decision to move to the sidelines.
Blockchain analytics platform Lookonchain reported the transactions and detailed seven token positions involved in the exit. Ethereum accounted for most of the reported value, highlighting the scale of Hayes’s retreat from major crypto assets.
The announcement followed a difficult period for risk assets. The Federal Reserve taking a stance money leaving cryptocurrency exchange-traded funds and weak performance in technology and artificial intelligence stocks all made people feel worried about the markets. More uncertainty came from problems, in parts of the world but Hayes didn’t say exactly what happened that made him decide what he did.
Importantly, Hayes did not provide a timetable for rebuilding his positions. He also offered no new price targets for Bitcoin or Ethereum.
Ethereum dominates the reported $22.28M exit
Lookonchain’s breakdown showed that Ethereum represented approximately 68% of the reported sales. ENA and UNI followed, while four smaller positions completed the list.
The reported token values were as follows:
- Ethereum—6,400 ETH worth approximately $15.2 million.
- Ethena—14 million ENA valued at $2.76 million.
- Uniswap—323,000 UNI worth approximately $2.24 million.
- Ether.fi—1.89 million ETHFI valued at $1.23 million.
- Aerodrome Finance—546,609 AERO worth approximately $398,000.
- Pendle—120,000 PENDLE valued at $244,000.
- Zama—3 million ZAMA worth approximately $214,000.
Add up these rounded numbers and the total is about $22.286 million. That’s pretty close to the $22.28 million reported by Lookonchain. ETH, ENA, and UNI accounted for roughly 90.6% of the listed value.
However, the reported valuations do not establish Hayes’s realized profits. He described the transactions as profit-taking, but disclosed neither his acquisition prices nor the execution costs. The available information also does not establish Maelstrom’s complete holdings, hedges, or private investment commitments.
Previous positioning reveals a sharp reversal
The sale marks a significant change from Hayes’s earlier public positioning. In an August essay titled “Same Same But Different,” dated August 24, he argued that US Treasury policies could support Bitcoin and other cryptocurrencies.
By August 25, reporting on his comments described Maelstrom as carrying maximum risk exposure. Hayes identified Bitcoin, Ethereum, Ethena, and Ether.fi among its major positions.
His argument focused on Treasury Secretary Scott Bessent’s bond-buyback approach and potential effects on dollar liquidity. However, Treasury buybacks are meant to support market liquidity and manage cash. They do not constitute Federal Reserve quantitative easing.
Hayes has also changed his exposure during previous periods of uncertainty. In June, he discussed selling Hyperliquid, Near Protocol, Worldcoin, and Zcash while maintaining Bitcoin and Ethereum as core holdings at that time.
Lookonchain subsequently reported that he sold 6,000 ETH for approximately $10.14 million on June 19. The tracker estimated a $606,000 loss after earlier purchases near $1,793 per ETH, with the sale averaging approximately $1,690.
These earlier transactions demonstrate that Hayes’s trading decisions can change quickly. However, wallet attribution and transaction tracking do not independently establish every investment decision or the complete financial position of Maelstrom.
Market implications and the road ahead
Hayes leaving could change how people feel about the tokens involved, ETH, ENA and UNI. Still the announcement by itself does not show how much more selling those assets will have to deal with.
His earlier exit from Hyperliquid was said to have happened at the time as a 4% drop in HYPE. This event shows how when big investors share their actions publicly it can change how people feel in the term even though just the timing doesn’t prove that the sale caused the price change.
People who are involved in the market are now asking if Hayes’s cautious position means that other crypto investors are also being more careful. Any more uncertainty about the economy could lead to more people taking profits while a better outlook could lead to more people being willing to take risks.
Hayes has also said that he still believes in the long-term future of crypto. He has predicted that Bitcoin could one day go up to one million dollars. His recent action therefore shows a change in how he is exposed to the market right now not that he has left the crypto world.
For now the directional book, at Maelstrom is closed according to Hayess announcement. His next step will depend on the conditions he thinks are good enough to come into the market.
