Arthur Hayes, founder of Maelstrom, has closed all positions in his fund's directional trading portfolio and liquidated $22.28 million in altcoin holdings, according to on-chain data and statements posted on October 24, 2026.
The sell-off included 6,400 Ethereum worth $15.2 million, 14 million ENA tokens worth $2.76 million, and 323,000 Uniswap (UNI) tokens worth $2.24 million. Additional sales encompassed 1.89 million ETHFI worth $1.23 million, 546,609 AERO worth $398,000, 120,000 PENDLE worth $244,000, and 3 million ZAMA worth $214,000. Some tokens were transferred to exchanges including Binance.
Reasons for the Liquidation
Hayes cited concerns about the current macroeconomic and geopolitical environment, noting rising tensions in the Middle East following a missile strike in Saudi Arabia. He also referenced U.S. inflation reaching 3.7%, which has reduced expectations for near-term interest rate cuts.
In his statement, Hayes said: "I think we gotta go down to go up." He indicated he would remain on the sidelines and wait for an "all clear signal" before resuming investment activities.
Shift in Market Outlook
The liquidation represents a notable change from Hayes' position just nine days earlier, when he had expressed a bullish outlook on Bitcoin and Ethereum. His current posture reflects a more cautious stance on near-term market conditions.
