Arthur Hayes has shifted his cryptocurrency investment strategy after signaling renewed caution over market conditions.
The BitMEX co-founder exited several positions held through his Maelstrom family office. His decision marks a reversal from his earlier bullish outlook on Ethereum and Bitcoin.
Hayes now plans to remain on the sidelines until macroeconomic and geopolitical conditions improve.
Arthur Hayes sells $22.28 million in ETH and Altcoins
On Saturday, October 24, Hayes liquidated approximately $22.28 million across seven cryptocurrencies, according to on-chain trackers. The transactions involved Ethereum (ETH), Ethena (ENA), Uniswap (UNI), ETHFI, AERO, PENDLE, and ZAMA.
“I dumped it all,” Hayes wrote on X, referring to Maelstrom’s directional portfolio. He confirmed taking profits on ETH, ENA, UNI, and other altcoins.
The largest identified transactions included 6,400 ETH worth approximately $15.2 million. Other transfers involved 14 million ENA valued at $2.76 million and 323,000 UNI worth $2.24 million.
However, Etherscan records identified another address associated with Hayes transferring 8,000 ETH across four transactions. The address sent 3,200 ETH to Galaxy Digital and 1,600 ETH each to Binance, FalconX, and another address.
Meanwhile, the main wallet transferred 14 million ENA to Binance. It also moved 323,000 UNI and 3 million ZAMA to a Wintermute-associated address.
Lookonchain’s tally of the seven tokens Hayes-labeled wallets moved, posted on X on October 24, 2026.
Shortly afterward, a Wintermute wallet returned 2,425,850 USDC. Additional transactions included 1.89 million ETHFI to FalconX and 120,000 PENDLE to another address.
On Base, Hayes transferred 546,610 AERO to Binance. The transactions occurred between 1:34 a.m. and 2:14 a.m. ET, shortly before his announcement at 2:18 a.m.
Despite the transfers, the labeled wallet retained approximately 14.45 million ENA.
Hayes reverses October Ethereum and Bitcoin Outlook
Hayes’ decision contrasts with his October 15 statement supporting Bitcoin and Ethereum exposure.
“Instead, just trade the eventual multi-trillion dollar bailout. Long $BTC $ETH,” he wrote.
The address involved in Saturday’s Ethereum transfers had received 8,012 ETH from his main wallet on October 14.
However, Hayes now expects further downside before a potential recovery.
“I think we gotta go down to go up,” he stated.
He described macroeconomic and geopolitical conditions as uncertain, explaining his decision to reduce exposure.
“Going to sit on the sidelines and wait for the all-clear signal,” Hayes added.
Maelstrom exit follows earlier portfolio shifts
Hayes previously outlined an aggressive investment approach in his May essay, The Butterfly Touch.
He identified a potential Bitcoin bottom near $60,000 and discussed a possible advance toward $126,000. Hayes also planned to take Maelstrom’s portfolio to maximum risk unless conditions changed substantially.
However, Saturday’s liquidation follows earlier exits from HYPE and NEAR in June.
Blockchain investigator ZachXBT previously accused Hayes of selling HYPE, NEAR, ZEC, and WLD shortly after promoting those tokens.
Separately, on-chain observers identified approximately $1.92 million in CARDS transfers from Maelstrom to market maker Flowdesk.
Hayes subsequently responded to ZachXBT, defending the transactions as voluntary market trades.
His latest portfolio exit leaves Maelstrom’s directional strategy awaiting clearer market conditions before Hayes considers rebuilding positions.
