Arthur Hayes exits crypto trading positions as analysts track $26 million in sales
Arthur Hayes has exited Maelstrom's directional crypto positions, with on-chain analysts tracking approximately $26 million in token sales amid mounting market uncertainty.
In an Oct. 24 statement, Hayes confirmed he had taken profits on Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and other cryptocurrencies, citing mounting macroeconomic and geopolitical uncertainty as the primary reasons for his decision to exit these positions.
On-chain analyst EmberCN reported that Hayes sold approximately $26 million worth of cryptocurrencies, with Ethereum accounting for nearly three-quarters of the total transactions.
Hayes exits amid market uncertainty
The transactions included 8,000 ETH worth approximately $19 million, 14 million ENA valued at $3 million, and 323,000 UNI worth $2 million. Additional disposals involved 1,890,000 Ether.fi (ETHFI) tokens valued at $1 million, 547,000 Aerodrome Finance (AERO) tokens worth $400,000, 120,000 Pendle (PENDLE) tokens valued at $240,000, and 3 million Zama (ZAMA) tokens worth $210,000.
Hayes described the trades as profit-taking and indicated he would remain on the sidelines until market conditions provided a clearer signal to resume trading.
Shift from previous bullish stance
The decision represents a substantial shift from the bullish positioning Hayes outlined in September. In his Sept. 2 investment outlook, the Maelstrom chief investment officer maintained a $10,000 year-end target for Ethereum, alongside price expectations of $0.5 for ENA and $2 for ETHFI.
Those forecasts depended heavily on his expectation that financial stress in Europe would eventually force the Federal Reserve to increase dollar liquidity, creating favorable conditions for cryptocurrency prices. Hayes also described Bitcoin as Maelstrom's structural long-term holding, while Ethereum and selected decentralized finance tokens represented more speculative positions.
Ethereum outflows precede Hayes' moves
Hayes' announcement follows blockchain analytics firm Santiment's Oct. 23 report of Ethereum's largest daily net exchange outflow in more than four months, a pattern it compared with a June local bottom. Santiment reported that approximately 169,770 ETH had left exchanges on a net basis during a single day.
The analytics firm interpreted the lower exchange balance as less immediately available supply for sellers, potentially easing selling pressure if demand stabilizes. Santiment highlighted a comparable episode on June 5, when approximately 223,800 ETH left exchanges as Ethereum reached its lowest price since April 2025, after which the cryptocurrency staged a rapid recovery.
The reversal comes ahead of the Federal Reserve's Oct. 27–28 policy meeting, when investors will receive another indication of the central bank's approach to interest rates and financial conditions.
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