Arthur Hayes, co-founder of crypto exchange BitMEX and chief investment officer of the Maelstrom fund, has closed the fund's directional trading book, selling roughly $22.28 million in crypto assets and citing macroeconomic and geopolitical risk. The sales included 6,400 ETH worth about $15.2 million, 14 million ENA — the token of the Ethena stablecoin protocol — and 323,000 UNI, the governance token of decentralized exchange Uniswap, among other tokens. The exit came just nine days after Hayes publicly shared a bullish outlook on both Bitcoin and Ether.

The disposal covered the fund's major altcoin positions, including ETH, ENA, and UNI, along with smaller holdings in ETHFI, AERO, PENDLE, and ZAMA. Reports indicate the assets were sent to exchanges such as Binance and to market makers. With the transactions complete, the Maelstrom directional book — the pool of positions the fund held to profit from price moves — is now closed.

Hayes announced the move in a post on X on October 24, 2026, writing that he had "dumped it all" and had taken profits on ETH, ENA, UNI, and other altcoins.

I dumped it all. The Maelstrom directional book, took profits on $ETH , $ENA , $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr

— Arthur Hayes (@CryptoHayes) October 24, 2026

Maelstrom Sells Altcoin Holdings Across Several Tokens

The largest single portion of the exit was 6,400 ETH, valued at approximately $15.2 million. The fund also sold 14 million ENA, worth roughly $2.76 million, and 323,000 UNI, valued near $2.24 million. Together, these three positions account for the bulk of the total, with the remainder coming from the fund's smaller altcoin holdings.

Sales of Maelstrom's stakes in ETHFI, AERO, PENDLE, and ZAMA brought the overall total to approximately $22.28 million. According to reports, the disposed tokens flowed to exchanges including Binance as well as to market makers. Following the transactions, the fund's directional book is fully closed.

A Swift Reversal From Bullish to the Sidelines

The timing of the exit has drawn attention from market participants, with the nine-day gap between the bullish commentary and the full disposal becoming a focal point of discussion. Nine days earlier, Hayes had voiced a positive outlook on Bitcoin and Ether, the two largest cryptocurrencies by market capitalization. At the time, his view of both assets was constructive; it has since shifted to a wait-and-see posture, with the fund holding no directional positions.

In his post, Hayes pointed to growing uncertainty in macro and geopolitical conditions, writing that "it looks a bit dicey out there in macro and geopolitical land." He said he plans to sit on the sidelines and wait for an "all clear signal" before returning to the market. He also cautioned that prices may need to fall further before they can recover, noting that the market has to "go down to go up."

For now, Maelstrom holds no directional positions, a stance consistent with Hayes's cautious assessment of the current environment.

Traders Split Over the Signal

Market participants have reacted with mixed views. Some traders interpret Hayes's exits as buy signals, relying on patterns observed around his past sales. Others question the timing of the move, pointing to choppy market conditions and to how soon the disposal followed his bullish public comments. The split reflects how differently market watchers are reading the same event.

The attention partly reflects Hayes's public style: as a BitMEX co-founder who discusses his views openly, he offers a direct look at a crypto fund's positioning, and traders often fold his moves into their broader read on market sentiment.

Hayes, for his part, has said he will wait for clearer signals before re-entering the market. Until that point, the Maelstrom fund remains out of directional trades, and the timing of any re-entry remains open. What would count as his "all clear signal," and when it would appear, are questions Hayes has left unanswered.