The former BitMEX CEO's family office booked profits across three major token positions, according to on-chain data.
Arthur Hayes, the former BitMEX chief executive and co-founder of the investment firm Maelstrom, has closed out a significant portion of his crypto holdings. On-chain data cited by multiple outlets shows roughly $22 million in combined sales across Ethereum, Ethena’s ENA token and Uniswap’s UNI token. The transactions emerged on October 24, drawing attention from traders who track Maelstrom’s wallet activity closely.
Hayes has built a reputation for vocal market commentary alongside active portfolio management through Maelstrom. The firm positions itself as a macro-focused crypto investment vehicle, often taking concentrated bets on assets Hayes believes are mispriced relative to broader liquidity conditions. His public essays frequently shape sentiment among traders who follow his views on monetary policy and digital asset cycles.
The reported sales span three distinct tokens rather than a single position. Ethereum represents the largest and most liquid holding among the three. ENA, the governance token of the Ethena stablecoin protocol, and UNI, tied to the Uniswap decentralized exchange, round out the exited positions. Selling across multiple assets at once can signal a broader portfolio rebalancing rather than a view on any single project.
CoinGape reported the $22 million figure alongside commentary on possible motivations, while crypto.news placed the token sale total at approximately $22.28 million. The two figures are close enough to describe the same underlying transaction set, though the exact breakdown by token has not been uniformly detailed across reports. Coinfomania’s coverage, published in both English and Portuguese, framed the move simply as Hayes and Maelstrom taking profits and exiting Ethereum exposure.
No official statement from Hayes or Maelstrom accompanying the trades has been cited in the available reporting. That leaves the precise rationale open to interpretation. Profit-taking after a run-up in token prices, portfolio rebalancing ahead of anticipated market shifts, or a tactical reduction in risk exposure are all plausible explanations consistent with Maelstrom’s stated investment approach.
Market watchers often treat large wallet movements from known figures like Hayes as informal sentiment indicators. Such moves do not necessarily predict future price action for the tokens involved. They do, however, feed into broader discussions about how visible crypto investors are positioning themselves as markets evolve.
Sources disagree on this story
This article was published before the reports below were compared. The reporting above stands; what follows is where the published accounts do not agree.
Five outlets agree Arthur Hayes closed Maelstrom's directional crypto book on October 24, but CryptoSlate's figure for the total value sold diverges sharply from the number reported elsewhere.
What all sources agree on
- Arthur Hayes said he closed Maelstrom's directional trading book, taking profits on ETH, ENA, UNI and other altcoins.
- Hayes cited macroeconomic and geopolitical uncertainty as his reason, writing "I think we gotta go down to go up."
- Hayes said he would remain on the sidelines until an "all clear signal."
- The tokens sold, beyond ETH, ENA and UNI, included ETHFI, AERO, PENDLE and ZAMA.
- The move reverses an earlier bullish stance Hayes had taken on Bitcoin and Ethereum.
Where the reports disagree
1Total dollar value of the Maelstrom sale
Arthur Hayes sold his entire Maelstrom directional book, worth about $22.28M, including ETH, ENA, and UNI.
Lookonchain reported $22.28 million in sales across ETH, ENA, UNI, ETHFI, AERO, PENDLE and ZAMA.
Onchain trackers put the sales at about $22.28 million across seven tokens, led by 6,400 ETH.
the Maelstrom crypto selloff entailed about $22.28 million worth of digital currencies.
Arthur Hayes has exited Maelstrom's directional crypto positions, and on-chain analysts are tracking about $26 million in token sales.
What would settle it: A full on-chain reconstruction of the wallet transfers identified by Lookonchain/EmberCN, cross-checked against exchange deposit records.
2Amount and value of ETH sold
The sales included 6,400 ETH worth approximately $15.2 million.
Lookonchain identified 6,400 ETH as the largest component of the transactions in an Oct. 24 post, valuing the Ethereum at $15.2 million.
Etherscan records show a bigger ETH number. Another address associated with Hayes sent 8,000 ETH in four transactions, 3,200 ETH to a Galaxy Digital deposit and 1,600 ETH each to Binance, FalconX and a fourth address.
The transactions included 8,000 ETH worth approximately $19 million, 14 million ENA valued at $3 million, and 323,000 UNI worth $2 million.
What would settle it: Etherscan wallet-level transaction records for the addresses identified as Maelstrom-linked.
3Value of ENA and UNI sold
Beyond ETH, Lookonchain listed 14 million ENA worth $2.76 million and 323,000 UNI valued at $2.24 million.
14 million ENA valued at $3 million, and 323,000 UNI worth $2 million.
What would settle it: The underlying on-chain price data at time of transfer, reconciled against Lookonchain's and EmberCN's respective methodologies.
4Attributed source of the token-sale figures
as Lookonchain has reported $22.28 million in sales across Ethereum and six other tokens.
On-chain analyst EmberCN reported that Hayes sold about $26 million in cryptocurrencies, with Ethereum accounting for nearly three-quarters of the total.
What would settle it: Published methodology notes or raw data from Lookonchain and EmberCN showing how each calculated total sale value.
What to make of it
Treat as established that Hayes/Maelstrom closed a directional book spanning ETH, ENA, UNI and smaller altcoin positions on October 24 citing macro and geopolitical risk; the precise dollar total (roughly $22.28M versus CryptoSlate's $26M) and the exact ETH quantity involved (6,400 vs 8,000) remain unresolved and should not be cited as a single confirmed figure until the underlying wallet data is reconciled.
Market Impact
A $22 million exit is modest relative to the total market capitalization of Ethereum, ENA and UNI combined, meaning direct price pressure from the sale itself is likely limited. The more notable effect may be psychological, as traders who follow Hayes often interpret his moves as signals about shifting risk appetite among macro-oriented crypto investors.
Because the sale spans three different tokens with different use cases, it is difficult to draw a single conclusion about sector-specific sentiment. Ethereum remains a core holding across much of the crypto investment landscape, while ENA and UNI are more closely tied to specific protocol performance within stablecoins and decentralized exchanges, respectively.
The exit adds to the running narrative around Arthur Hayes as an influential, closely watched trader in crypto markets. Further clarity on his reasoning, if provided, would help market participants assess whether this reflects a broader shift in outlook or routine profit-taking.
Frequently Asked Questions
What assets did Arthur Hayes and Maelstrom sell?
Reports indicate sales involving Ethereum, Ethena's ENA token, and Uniswap's UNI token, totaling approximately $22 million.
Has Arthur Hayes explained why he made these trades?
No detailed public explanation from Hayes or Maelstrom has been cited in the available reporting on this transaction.
What is Maelstrom?
Maelstrom is the investment vehicle co-founded by Arthur Hayes, the former chief executive of crypto derivatives exchange BitMEX.
Does this sale indicate a broader market trend?
Not necessarily. The sale appears tied to Hayes' individual portfolio activity and has not been linked to wider market movement in the available reports.
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