Arthur Hayes has closed the directional trading book of his Maelstrom fund, selling roughly $22.28 million in crypto assets. The exit came nine days after Hayes shared a bullish outlook on both Bitcoin and Ether, a shift that has drawn attention from market participants.
Details of the Exit
The largest portion of the sale was 6,400 ETH, valued at approximately $15.2 million. The fund also sold 14 million ENA tokens worth roughly $2.76 million and 323,000 UNI tokens valued near $2.24 million. Maelstrom also exited positions in ETHFI, AERO, PENDLE, and ZAMA, bringing the total liquidation to about $22.28 million.
Hayes announced the exit on X, stating he had "dumped it all" from the Maelstrom directional book. According to his post, he took profits on ETH, ENA, UNI, and other altcoins. The tokens went to exchanges such as Binance and to market makers.
Stated Reasoning
Hayes cited growing uncertainty in macro and geopolitical conditions as the reason for stepping to the sidelines. He warned that markets could fall further before recovery, stating "we gotta go down to go up." He plans to remain out of directional trades until market conditions become clearer and he receives an all-clear signal.
Market Reaction
Traders have responded with mixed interpretations. Some view the exits as buy signals based on patterns tied to Hayes' past trades. Others question the timing of the sale, pointing to choppy market conditions and the narrow gap between his bullish comments and subsequent liquidation.
