Arthur Hayes says he has closed Maelstrom's directional trading book, citing macroeconomic and geopolitical risks. Lookonchain reported $22.28 million in sales across Ethereum and six other tokens, with ETH making up the largest share.
BitMEX co-founder Arthur Hayes said he closed Maelstrom's directional book, while Lookonchain reported $22.28 million in sales across Ethereum and six other tokens. Hayes plans to stay on the sidelines, reversing the maximum-risk positioning Maelstrom declared earlier.
Ether makes up most of the reported sales
Lookonchain's Oct. 24 post identified 6,400 ETH worth $15.2 million as the largest component of the transactions. Ethereum accounted for approximately 68% of the reported sales.
Beyond ETH, the tracker listed 14 million ENA worth $2.76 million and 323,000 UNI valued at $2.24 million. It also included smaller positions in ETHFI, AERO, PENDLE and ZAMA.
Hayes points to macro and geopolitical risk
Hayes described the sales as profit-taking on ETH, ENA, UNI and other tokens. He said he would wait on the sidelines for an all-clear signal.
He attributed his caution to conditions in macro and geopolitical markets, without naming a specific policy decision, conflict or economic release. According to Hayes: "I think we gotta go down to go up." He gave no price target for Bitcoin or Ethereum and set no date for rebuilding the positions.
The exit follows a bullish stance
The move contrasts with Hayes's earlier position. As crypto.news reported on Aug. 25, he had described Maelstrom as being at maximum risk exposure. CoinGape says he predicted Ethereum could reach $10K just weeks ago.
Still, the picture remains incomplete. Hayes's statement did not provide a full inventory of Maelstrom's investments, remaining holdings, hedges or private-market commitments.
Sources: crypto.news, CoinGape
Trading involves risk.
Risk Disclaimer
