Arthur Hayes Cashes Out $22M ETH, ENA & UNI Portfolio, Here’s Why

Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom Fund, has exited his entire directional trading book.

On October 24, 2026, he confirmed the move on X, selling Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and other altcoins worth roughly $22.28 million.

The exit signals a sharp defensive pivot amid rising macro and geopolitical uncertainty.

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Hayes Closes the Book: What He Sold and Why

In his own words on X, Arthur Hayes wrote: “I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr.”

On-chain data from Lookonchain confirmed the scale of the exit. The sales included 6,400 ETH worth approximately $15.2 million.

Hayes also offloaded 14 million ENA (~$2.76M) and 323,000 UNI (~$2.24M). Smaller positions in ETHFI, AERO, PENDLE, and ZAMA were also closed.

The timing is striking. Just weeks ago, Hayes predicted Ethereum could reach $10K alongside massive ENA and ETHFI gains. That bullish stance is now paused. Hayes is not abandoning his long-term thesis, he is managing short-term risk.

The broader market context supports his caution. Multiple factors have been dragging crypto prices lower this week, including hawkish Fed signals, ETF outflows, and risk-off sentiment across tech and AI names. Geopolitical tensions have added another layer of uncertainty.

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A Tactical Retreat, Not a Change of Heart

This is not the first time Arthur Hayes has stepped back from altcoin exposure during uncertain periods.

He previously flagged crypto’s ‘no-trade zone’ and outlined his Bitcoin, Gold, and Hyperliquid outlook. That cautious streak is now showing up in his portfolio.

Earlier this year, a wallet linked to Hayes bought $5.4M in ETH following the US-Iran deal. That aggressive accumulation has now been reversed.

The pattern is consistent: Hayes cycles between deep alt exposure and full cash when macro conditions deteriorate.

His long-term structural view remains intact. Hayes has doubled down on Bitcoin reaching $1 million and laid out a potential timeline.

The current cash position is a tactical pause, not a permanent exit from crypto markets. For ENA specifically, Standard Chartered has separately forecast ENA reaching $2 by 2028.

The longer-term narrative around Ethena remains, even as Hayes steps aside in the near term. It is also worth noting that Hayes sold his entire Hyperliquid position earlier this year, sending HYPE down 4%.

That precedent shows that his sell announcements carry real market weight. ETH, ENA, and UNI could face near-term selling pressure as the market digests this exit.

Arthur Hayes said he is waiting for the ‘all clear signal’ before re-entering. Until then, Maelstrom sits in cash, and the market will be watching closely for his next move.