- Arthur Hayes, BitMEX co-founder and chief investment officer of Maelstrom Fund, has closed out his entire directional trading book.
- The sales covered ETH, ENA, UNI and other altcoins, with the total value at roughly $22.28 million.
- Hayes says he will stay in cash until he sees an “all clear signal,” citing macro and geopolitical uncertainty.
Arthur Hayes has exited his entire directional trading book, a move he confirmed on X on October 24, 2026. The positions he sold, valued at about $22.28 million, span Ethereum (ETH), Ethena (ENA), Uniswap (UNI) and several smaller altcoins. The decision marks a defensive shift in his strategy as he moves to the sidelines.
What Happened
In his post on X, Hayes said he had sold the Maelstrom directional book and taken profits on ETH, ENA, UNI and other altcoins. He argued that the market may need to fall before it can rise again, and he described the macro and geopolitical backdrop as unclear. He added that he plans to wait on the sidelines for an “all clear signal” before re-entering.
On-chain data from Lookonchain tracked the scale of the sales. Hayes sold 6,400 ETH worth approximately $15.2 million. He also disposed of 14 million ENA, valued at about $2.76 million, and 323,000 UNI, worth around $2.24 million. Smaller holdings in ETHFI, AERO, PENDLE and ZAMA were closed as well.
Why It Matters
For investors, the exit is notable because of its timing. In the weeks before October 24, 2026, Hayes had publicly forecast that Ethereum could reach $10,000, alongside strong gains for ENA and ETHFI. His move now shows that he has put that bullish stance on hold. Based on his own comments, this appears to be a decision about short-term risk rather than a rejection of his long-term outlook.
The move also carries weight because of Hayes’s track record of public trades. Earlier this year, he sold his entire Hyperliquid position, and the HYPE token fell 4% in the aftermath. That precedent suggests that a high-profile exit can influence sentiment, particularly in the assets he sold. Analysts may see the sales as a signal that ETH, ENA and UNI could face near-term selling pressure as the market absorbs the news. Readers should treat this as an interpretation of the situation rather than a certainty.
Market Context
Hayes’s caution arrives during a difficult stretch for crypto prices. Several pressures have weighed on the market in recent days, including hawkish signals from the Federal Reserve, outflows from exchange-traded funds, and a broader retreat from risk assets across technology and AI-related stocks. Geopolitical tensions have added to the uncertainty.
The pattern is not new for Hayes. He has previously flagged what he called crypto’s “no-trade zone” and outlined a joint view on Bitcoin, Gold and Hyperliquid. Earlier this year, a wallet linked to him bought $5.4 million worth of ETH following the US-Iran deal, a position that has now been reversed. Taken together, these moves show a trader who tends to shift between heavy altcoin exposure and full cash as macro conditions change.
His longer-term views remain intact. Hayes has continued to argue that Bitcoin could reach $1 million and has laid out a potential timeline for it. Separately, Standard Chartered has forecast that ENA could reach $2 by 2028. These outlooks suggest that the current cash position is intended as a pause rather than a permanent withdrawal from crypto.
What to Watch Next
- Re-entry signals: Hayes has tied his return to an “all clear signal,” but he has not defined what that signal is. Any public update from him will be closely followed.
- On-chain activity: Lookonchain and similar trackers can show whether Maelstrom-linked wallets make further moves, including any new purchases.
- Macro developments: Federal Reserve communications, ETF flow data and developments in the geopolitical situation will shape the broader risk backdrop.
- Price action in affected assets: Trading in ETH, ENA and UNI will indicate how the market is absorbing the sales.
Hayes’s exit underlines how quickly a trader’s stance can change when macro conditions shift. Readers should verify information through primary sources and consider their own risk tolerance before acting on any market development.
Source: original report
