- Arthur Hayes liquidated his Maelstrom directional trading book, citing macroeconomic and geopolitical uncertainty.
- Lookonchain data estimates the sales totaled $22.28 million, led by a $15.2 million ETH dump.
- Hayes expects crypto to “go down to go up” and plans to stay on the sidelines for now.
- The move reverses his previous bullish predictions, including a $100,000 to $200,000 Ethereum target.
Arthur Hayes, the former Bitmex CEO, posted on X that he has liquidated the entire directional trading book at his family office, Maelstrom. He cited a “shaky” macroeconomic and geopolitical backdrop as the primary driver for the move.
Consequently, on-chain analytics firm Lookonchain estimated that wallets linked to Hayes sold roughly $22.28 million in tokens across seven assets. The largest positions sold were 6,400 ETH (valued at $15.2 million), 14 million ENA ($2.76 million), and 323,000 UNI ($2.24 million).
Hayes stated he believes the crypto market will “go down to go up.” He added that he plans to sit on the sidelines until a new money-printing cycle begins.
The move marks a stark reversal from Hayes’ previous bullish predictions for these assets. In July, he forecasted Ethereum could reach $100,000 to $200,000 at the next cycle’s peak.
Meanwhile, the entire portfolio is trading in the red. AERO and ZAMA prices fell over 9% and 7%, respectively, in the last 24 hours as Bitcoin traded near $80,373.
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