CryptoSlate
Arthur Hayes has exited Maelstrom's directional crypto positions, with on-chain analysts tracking roughly $26 million in token sales. In an Oct. 24 statement, the chief investment officer said he had taken profits on Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and other holdings, citing mounting macroeconomic and geopolitical uncertainty.
On-chain analyst EmberCN detailed the disposals: 8,000 ETH worth about $19 million, 14 million ENA valued at $3 million, 323,000 UNI worth $2 million, plus smaller sales of ETHFI, AERO, PENDLE, and ZAMA tokens. "I think we gotta go down to go up," Hayes wrote, adding he would stay on the sidelines until conditions offer a clearer signal.
Why it matters
The reversal is stark. In his Sept. 2 outlook, Hayes maintained a $10,000 year-end target for Ethereum and price expectations of $0.5 for ENA and $2 for ETHFI, premised on European financial stress forcing the Federal Reserve to expand dollar liquidity. He now says he wants lower prices before re-entering.
The exit lands days before the Fed's Oct. 27–28 policy meeting, when markets get another read on rates and financial conditions. Hayes called Bitcoin Maelstrom's structural long-term holding, and the announcement does not indicate liquidation of longer-term BTC exposure.
Market impact
The bearish turn contrasts with Santiment's Oct. 23 report that 169,770 ETH left exchanges in a single day, the largest net outflow in over four months. The firm compared the pattern to June 5, when roughly 223,800 ETH exited exchanges near a local bottom before a rapid recovery.
Santiment flagged $2,400 as the immediate pivot: a sustained move above $2,500 would strengthen its bottoming thesis, while a fall below roughly $2,330 would weaken it. Ethereum is down 3.51% over the past 24 hours and holds the #2 spot by market cap. Outflows to private wallets or staking reduce sellable supply but do not necessarily signal fresh buying demand.
Frequently asked questions
-
How much crypto did Arthur Hayes sell?
On-chain analyst EmberCN tracked about $26 million in sales, including 8,000 ETH worth roughly $19 million, 14 million ENA valued at $3 million, and 323,000 UNI worth $2 million, plus smaller disposals of ETHFI, AERO, PENDLE, and ZAMA.
-
Why did Arthur Hayes exit his crypto positions?
He described the trades as profit-taking amid mounting macroeconomic and geopolitical uncertainty, writing "I think we gotta go down to go up." He said Maelstrom will stay on the sidelines until conditions give a clearer signal to resume trading.
-
What was Hayes' earlier Ethereum price target?
In his Sept. 2 investment outlook, Hayes maintained a $10,000 year-end target for Ethereum, alongside $0.5 for ENA and $2 for ETHFI, premised on European financial stress forcing the Federal Reserve to expand dollar liquidity.
-
Did Maelstrom sell all of its crypto holdings?
No. Hayes described Bitcoin as Maelstrom's structural long-term holding, and the announcement does not establish liquidation of longer-term Bitcoin exposure or other investments, only the near-term directional bets.
-
What did Santiment say about Ethereum exchange outflows?
On Oct. 23 Santiment reported about 169,770 ETH left exchanges in a single day, the largest net outflow in more than four months, a pattern it compared to June 5 when roughly 223,800 ETH exited near a local bottom before a rapid recovery.
TheBlock
CoinDesk
Lookonchain
Crypto News
CoinTelegraph
Whale Alert