Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom Fund, has closed out his directional trading portfolio. On October 24, 2026, Hayes confirmed the exit on social media, selling Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and other altcoins totaling approximately $22.28 million.
On-chain data confirmed the scope of the liquidation. Hayes sold 6,400 ETH worth roughly $15.2 million, offloaded 14 million ENA (~$2.76 million), and closed a 323,000 UNI position (~$2.24 million). Smaller holdings in ETHFI, AERO, PENDLE, and ZAMA were also exited.
Strategic Pullback Over Market Conviction
Hayes attributed the move to rising macro and geopolitical uncertainty, stating he would "sit on the sidelines and wait for the all clear signal." The timing marks a defensive shift from his earlier bullish outlook, when he had predicted Ethereum could reach $10,000.
The broader market environment supports his caution. This week brought hawkish Federal Reserve signals, cryptocurrency exchange-traded fund outflows, and widespread risk-off sentiment in technology and artificial intelligence sectors. Geopolitical tensions have compounded the uncertainty.
A Pattern of Tactical Moves
This exit follows Hayes's established pattern of cycling between deep altcoin exposure and cash positions during periods of macro deterioration. Earlier this year, a wallet linked to Hayes purchased $5.4 million in ETH following geopolitical developments, a position that has now been reversed.
Hayes maintains his longer-term structural thesis remains intact. He has previously outlined his conviction in Bitcoin reaching $1 million and continues to support positions in core assets like Bitcoin and Gold.
The current cash position is described as a tactical pause rather than a permanent departure from crypto markets. Market participants will monitor Hayes's portfolio closely for signals of re-entry into altcoin positions.
