Arthur Hayes has closed the directional trading book at his investment firm, Maelstrom, selling tokens worth a total of $22.28 million. A report from on-chain tracking platform Lookonchain on Oct. 24, 2026, revealed that the BitMEX co-founder offloaded holdings across seven different crypto assets, with the vast majority concentrated in Ethereum and decentralized finance (DeFi) protocols.
Three assets dominated the sell-off: 6,400 ETH worth $15.2 million, 14 million ENA valued at $2.76 million, and 323,000 UNI valued at $2.24 million. Together, these three accounted for $20.2 million, or 90.6% of the total transactions. Other offloaded holdings included 1.89 million ETHFI worth $1.23 million, 546,609 AERO ($398,000), 120,000 PENDLE ($244,000), and 3 million ZAMA ($214,000). The liquidation marks a shift in direction from Maelstrom’s previous high-risk exposure strategy.
Why Hayes Decided to Take Profits
In a post on X, Hayes confirmed that he took profits on ETH, ENA, UNI, and several other tokens, opting to wait on the sidelines before re-entering the market. He cited macroeconomic and geopolitical conditions as reasons for caution, without elaborating on specific economic events or regions of concern.
An article by crypto.news on Oct. 24 also corroborated Hayes’ post and the transaction records compiled by Lookonchain. Lookonchain emphasized that the $22.28 million figure represents the market value of the assets transferred and sold, rather than the net profit realized. The initial acquisition prices for the tokens were not disclosed, leaving the actual profit earned by Maelstrom unknown to the public.
Directional Book Cleared With No Bitcoin Sales
Hayes’ statement established clear operational boundaries, noting that the sales only involved Maelstrom’s directional trading book. The move did not encompass the investment firm’s overall portfolio, hedging positions, or private market funding commitments.
The published transaction list also included no Bitcoin sales whatsoever. Hayes focused the sell-off on smart contract tokens and the DeFi ecosystem, leaving the largest cryptocurrency by market capitalization entirely untouched by the liquidations.
A Reversal From August Stance
The sell-off stands in contrast to Maelstrom’s position in August 2026. In an essay titled ‘Same Same But Different’ dated Aug. 24, 2026, Hayes stated that Maelstrom was positioned for maximum risk exposure, with Bitcoin, Ether, Ethena, and Ether.fi as its core assets.
In June 2026, Hayes similarly offloaded Hyperliquid, Near Protocol, Worldcoin, and Zcash as a defensive response to macro risks. At the time, however, he retained both Bitcoin and Ethereum in his portfolio.
For holders of tokens featured on Maelstrom’s sell list, Hayes’ moves demonstrate how fund managers lock in profits when facing macroeconomic uncertainty. Via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
