Arthur Hayes, chief investment officer of Maelstrom, has sold $22.28 million worth of altcoins, citing deteriorating macroeconomic and geopolitical conditions. The portfolio reductions included 6,400 ETH worth $15.2 million, along with positions in Ethena (ENA), Uniswap (UNI), EtherFi (ETHFI), Aerodrome (AERO), and Zama.
Hayes defended the liquidation, stating that the directional book took profits on multiple holdings. He indicated that further price declines may be necessary before recovery, pointing to concerning developments in macro and geopolitical markets.
Ethereum Under Pressure
Ethereum faces selling pressure from multiple directions. ETF investors have sold $1.1 billion of ETH in October, nearly three times the $313 million in Bitcoin outflows during the same period. This represents the second-largest monthly outflow since the introduction of U.S. spot ETH ETFs, trailing only the $1.42 billion selloff in November of the previous year.
Early Ethereum investors have also been liquidating positions. Some cohort members sold over $8 million worth of ETH within a 48-hour window. Additionally, Bitmine has nearly completed its ETH treasury accumulation target, having acquired 6.053 million ETH, or 99 percent of its 5 percent supply goal. This near-completion suggests the company could halt purchases, removing a significant demand source that has supported the asset for over a year.
On average, 20,000 ETH enters circulation weekly. The combination of continued ETF outflows and Bitmine's reduced buying could amplify downward pressure. While record staking demand presents a potential positive catalyst, it also generates new issuance rewards to stakers, adding to overall supply.
Support Levels
Ethereum has declined 15 percent from recent highs near $2,800. The $2,300 to $2,400 range has served as a key support zone since September and a major resistance level in the first half of 2026. Should the asset break below $2,300, further declines toward $2,200 or $2,100 could become likely depending on macroeconomic developments.
