Arthur Hayes Sells $22.28M in ETH, Ethena, Uniswap

Arthur Hayes closed the directional trading book at Maelstrom Fund on October 24, 2026, selling $22.28 million in tokens according to on-chain tracker Lookonchain, Coincentral reported. The BitMEX co-founder and Maelstrom chief investment officer announced the move himself in a post on X, opening with a blunt line: that he had sold the lot.

Hayes said the proceeds came from taking profit on Ether, Ethena and Uniswap plus other tokens, and that he expected a pullback before any renewed advance. Coinpedia reported that some of the sold tokens were transferred to exchanges, including Binance.

Key facts

• Lookonchain tallied $22.28 million in sales across seven tokens, with 6,400 ETH worth about $15.2 million — roughly 68% of the total.
• He sold 14 million ENA worth $2.76 million and 323,000 UNI worth $2.24 million, which together with Ether accounted for about $20.2 million.
• Smaller exits included 1.89 million ETHFI ($1.23 million), 546,609 AERO ($398,000), 120,000 PENDLE ($244,000) and 3 million ZAMA ($214,000).
• Hayes named no price target and no date for rebuilding the positions; as of October 24 the directional book sits in cash.
• Coinpedia reported the sales followed a bullish outlook Hayes shared nine days earlier, and linked them to a Middle East escalation, Brent crude above $113 a barrel and U.S. inflation at 3.7%.

What Hayes said about the exit

In the same X post Hayes described conditions in macro and geopolitical markets as “a bit dicey” and said he would stay out until he sees an all clear signal. He did not identify a specific policy decision, conflict or economic report behind the decision.

Coinpedia reported the specific pressure points it associates with the sale: rising Middle East tensions after a missile strike in Saudi Arabia, reports of tanker attacks, Brent crude futures above $113 a barrel and U.S. inflation at 3.7%, which it said reduced expectations for rate cuts. Coincentral did not name those triggers. Instead it pointed to other market pressure reported during the week, including hawkish Federal Reserve signals, crypto ETF outflows and weaker sentiment toward tech and AI stocks.

A reversal from August

The move marks a turn from August, when Hayes described Maelstrom as carrying maximum risk exposure with Bitcoin, Ether, Ethena and Ether.fi among its main positions, an argument laid out in his essay “Same Same But Different.” In that piece he said U.S. Treasury bond buybacks would help create conditions favourable to Bitcoin, while warning that markets could still fall sharply within an uptrend.

Hayes has traded both ways this year. Coincentral reported that in June a wallet possibly linked to him received 3,000 Ether worth $5.42 million from market maker Flowdesk, and that by June 19 Lookonchain said he had sold 6,000 Ether for about $10.14 million at an average of $1,690, an estimated loss of $606,000 against purchases of roughly 5,900 Ether at an average of $1,793. Past sales have moved prices: after he exited a Hyperliquid position, HYPE fell about 4%, according to one report cited by Coincentral.

Why it matters

Hayes is a widely followed trader, so a full exit from a fund’s directional book is read as a signal about how one large holder views near-term risk. The sale reverses a stance he took only months earlier and leaves Maelstrom’s directional exposure in cash, though neither report discloses the fund’s hedges or private investments, and Hayes did not mention selling Bitcoin. Lookonchain’s figures show the value of tokens sold, not profit, because no purchase prices were released. Coincentral noted Hayes had previously floated targets of $10,000 for Ether and $1 million for Bitcoin; Standard Chartered’s separate forecast of $2 for Ethena by 2028 was also cited. None of that is a guarantee and this is not financial advice — crypto markets are volatile and predictions can be wrong.

What to watch

Investors will watch for the sales settling on exchanges and for any public signal from Hayes that the all clear has arrived, since he has given no re-entry date. Broader direction will hinge on the macro and geopolitical conditions both outlets describe, and on whether ETF flows stabilise after the outflows reported this week.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: CoinCentral, Coinpedia