Arthur Hayes Sells 6,400 Ethereum and Six Altcoins in $22.28M Crypto Selloff

Ethereum news focused on Arthur Hayes’ decision to close Maelstrom’s directional cryptocurrency positions as market uncertainty increased.

The BitMEX co-founder confirmed his exit on October 24, citing macroeconomic and geopolitical risks. Lookonchain initially tracked $22.28 million in token movements before raising its estimate to $28.8 million on October 25.

Hayes said he would remain on the sidelines until market conditions improved.

Ethereum News: Hayes-Linked Token Sales Reach $28.8 Million

Lookonchain identified 6,400 ETH worth approximately $15.2 million among the reported transactions. Ethereum represented about 68% of the total value. The tracker also recorded 14 million ENA valued at $2.76 million and 323,000 UNI worth $2.24 million.

Four other tokens completed the list. Hayes-linked addresses moved 1.89 million ETHFI worth $1.23 million, according to Lookonchain. The remaining transactions covered 546,609 AERO worth $398,000, 120,000 PENDLE worth $244,000, and 3 million ZAMA valued at $214,000.

Reports also linked some transfers to trading firms Flowdesk, FalconX, and Wintermute. Transfers to such venues can precede sales, but public wallet records do not show all execution prices, counterparties, or fees for the reported transactions on October 24, 2026.

ETH, ENA, and UNI accounted for approximately $20.2 million of the reported activity. Lookonchain calculated the overall value using prices at the time of tracking.

Arthur Hayes Cites Macro and Geopolitical Risk

In an October 24 post on X, Hayes confirmed that he had exited Maelstrom’s directional book. He named ETH, ENA, UNI, and other altcoins among the assets he had sold. BitMEX co-founder Arthur Hayes added, “I think we gotta go down to go up.”

Hayes pointed to uncertainty in global economic and geopolitical conditions. He described the environment as difficult and said he planned to wait for an “all clear” signal before returning to directional trading.

Maelstrom Shift Follows Bullish August Positioning

The latest sales mark a change from the position Hayes described in August. At that time, he said Maelstrom had taken maximum risk exposure across several cryptocurrencies, including Bitcoin, Ether, Ethena, and Ether.fi. He also outlined a bullish view of crypto markets in his August essay.

His earlier outlook centered on dollar liquidity and United States Treasury operations. Hayes argued that measures supporting the government bond market could help create favorable conditions for digital assets. He also acknowledged that market corrections could occur during a broader advance.

The October announcement did not explain when Maelstrom began reducing those positions. Hayes did not disclose the fund’s remaining portfolio, hedges, or private investments. Neither his statement nor Lookonchain’s breakdown identified a Bitcoin sale.

Ethereum Trades Provide Additional Context

Hayes has adjusted his Ethereum exposure during earlier periods of market uncertainty. In June, Lookonchain linked a wallet associated with him to a transfer of 3,000 ETH from Flowdesk, valued at approximately $5.42 million.

Later that month, the tracker reported that Hayes sold 6,000 ETH for about $10.14 million. Lookonchain estimated that the sales followed earlier purchases at higher average prices, resulting in an approximate $606,000 loss.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry substantial volatility and potential financial losses. Readers should conduct independent research before making investment decisions.