Arthur Hayes has sold about $22.28 million in crypto from Maelstrom’s directional book. Hayes, the family office’s chief investment officer, confirmed the exit on X and plans to sit out the market.
The post is a shift from his tone earlier this month. On October 15, Hayes urged traders to go long Bitcoin (BTC) and Ethereum (ETH) and trade an eventual bailout.
What Arthur Hayes Sold, and Why He Says He Left
Lookonchain data shows his biggest sale was 6,400 ETH, worth $15.2 million. Hayes also sold 14 million Ethena (ENA) for $2.76 million and 323,000 Uniswap (UNI) for $2.24 million.
Smaller sales included 1.89 million Ether.fi (ETHFI) and stakes in Aerodrome Finance (AERO), Pendle (PENDLE), and Zama (ZAMA).
Hayes then confirmed the exit in a post, citing macro and geopolitical risks.
Did Hayes Sell at a Profit This Time?
Hayes says he took profits on ETH and ENA. Lookonchain valued his 6,400 ETH at $15.2 million, or about $2,375 per coin, though his cost for those coins is not public.
ENA offers a clearer comparison. In early August, he bought 9.05 million ENA for about $773,000, or roughly $0.085 per token.
Lookonchain valued Saturday’s ENA sale at about $0.20 per token. Still, it is unconfirmed whether the tokens sold are the same ones bought in August.
His newest bets fared worse. In mid-October, he bought Aerodrome, Pendle, and Zama tokens, Lookonchain reported.
He paid about $889,000 for them and sold them for about $856,000, based on Lookonchain’s prices at each trade. That leaves a loss of roughly $33,000.
The Slide Goes Beyond Hayes’ Tokens
His exit came during a broader market downturn. Six of the seven tokens he sold are down over the past month, according to BeInCrypto Markets.
The decline also puts Hayes’ earlier price targets in perspective. His September forecasts of $10,000 for ETH, $0.50 for ENA, and $2 for ETHFI remain well above current prices.
Broader market stress intensified this month. On October 15, crypto liquidations reached $942.1 million in 24 hours, with long positions accounting for 91.6% of the total.
On October 23, another selloff sent the Nasdaq down 2.6% and Bitcoin toward $81,400. Rising oil prices added to inflation concerns, putting monetary policy back in focus.
Why the Fed Is the Next Test
The Federal Reserve’s next decision, due October 28, could shape the outlook for risk assets. The Fed raised rates to 3.75%–4% on September 16, its first hike since July 2023. CME FedWatch data puts the odds of a hold at 90%.
The longer-term outlook remains uncertain. Minutes from September’s meeting showed most officials expected another hike by year-end. Hayes, by contrast, has argued that an eventual AI bailout would flood markets with new money.
His own trading history offers another reason to watch how he handles the latest exit. In August 2025, Hayes sold ETH near $3,507 and bought back nine days later at about $4,252.
A trader who copied the move would have paid roughly 21% more to reenter. For altcoin holders, the October 28 decision could help determine whether Hayes’ latest exit proves timely or premature.
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