Arthur Hayes, founder of the digital asset investment firm Maelstrom, reportedly sold approximately $22.28 million in cryptocurrencies including Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and various other altcoins. Hayes cited mounting economic uncertainty and geopolitical risks as key reasons behind the move, stating that the fund had closed all of its directional trades.
Maelstrom Liquidates Directional Positions
Hayes disclosed in a post on X that Maelstrom decided to exit its directional trading positions, realizing profits on a wide range of tokens. The portfolio’s total sales included 6,400 ETH valued at $15.2 million, 14 million ENA worth $2.76 million, and 323,000 UNI amounting to $2.24 million.
Other notable sales comprised 1.89 million ETHFI worth $1.23 million, 546,609 AERO at $398,000, 120,000 PENDLE at $244,000, and 3 million ZAMA valued at $214,000. On-chain data from blockchain analytics provider Lookonchain supported these figures, highlighting that the bulk of the selloff consisted of Ethereum, followed by several emerging DeFi tokens.
According to reports, the transactions took place on a variety of cryptocurrency exchanges, including Binance. However, the transfer of tokens onto these exchanges does not guarantee that all assets were immediately sold. The amounts provided are approximate, based on available blockchain data.
| Token | Amount Sold | Estimated Value |
|---|---|---|
| ETH | 6,400 | $15.2 million |
| ENA | 14 million | $2.76 million |
| UNI | 323,000 | $2.24 million |
| ETHFI | 1.89 million | $1.23 million |
| AERO | 546,609 | $398,000 |
| PENDLE | 120,000 | $244,000 |
| ZAMA | 3 million | $214,000 |
Mini dictionary: Maelstrom is a cryptocurrency investment fund founded by Arthur Hayes, known for actively managing directional trades and seeking returns across major and emerging digital assets.
A majority of the Maelstrom portfolio liquidations were concentrated in Ethereum, with Hayes saying in his X post that he is “going to sit on the sidelines and wait for the all clear signal,” adding, “I think we gotta go down to go up.”
Hayes Takes Cautious Approach Amid Market Uncertainty
The timing of Maelstrom’s reversal on risk comes shortly after Hayes had projected a bullish outlook on Bitcoin and Ethereum just over a week ago. His pivot reveals how swiftly market views can change amid volatility.
While Hayes anticipates that cryptocurrency prices may need to fall further before any sustainable recovery, he clarified that he will remain out of new positions until more favorable signals emerge. This wait-and-see stance reflects a broader hesitancy among some institutional investors as global uncertainties mount.
Despite a recent optimistic forecast for major cryptocurrencies, Hayes has now stated that, due to “dicey” macroeconomic and geopolitical conditions, Maelstrom will pause trading activities and “wait for the all clear signal.”
Recent stressors in the crypto market—rising oil prices, persistent inflation, and speculation about central bank rate moves—have compounded this sense of caution. These macroeconomic challenges are further amplified by the recent withdrawals from U.S.-listed spot Bitcoin and Ethereum ETFs.
Institutional Outflows and Liquidations Weigh on Crypto Markets
Institutional flows have played a key role in recent market sentiment. On October 22, spot Bitcoin ETFs in the United States saw net outflows totaling $635.6 million, according to market data. Spot Ethereum ETFs also recorded outflows of $110.6 million.
In tandem, liquidations of over $400 million in leveraged crypto positions were observed, indicating a broader effort among market participants to reduce risk exposure. While daily ETF flow data does not guarantee longer-term market trends, heavy outflows often reflect waning demand for crypto exposure through traditional investment vehicles.
The combination of Maelstrom’s sizable selloff, ETF withdrawals, and forced liquidations illustrates the mounting pressure on digital assets. Markets could stabilize if ETF inflows resume, macroeconomic indicators improve, or geopolitical tensions ease—factors under close watch by both institutional and retail investors.
For now, Arthur Hayes’s decision to close positions demonstrates heightened caution regarding potential downside in digital assets and signals a broader trend among some market professionals to avoid directional bets until volatility subsides.
