Arthur Hayes Sells $22.28M in Tokens Across Maelstrom Book

BitMEX co-founder Arthur Hayes has closed the directional trading book of family office Maelstrom, citing macroeconomic and geopolitical risks, according to reports by Lookonchain. The onchain analytics platform tracked $22.28 million in token sales across Ethereum and six other crypto assets.

The offloaded assets were dominated by Ethereum, which accounted for roughly 68.2% of the sales volume. Lookonchain reported that Hayes sold 6,400 ETH valued at approximately $15.2 million on Oct. 24. Hayes confirmed on social media platform X that he took profits across ETH and alternative tokens, intending to wait on the sidelines before rebuilding positions.

Breakdown of Offloaded Assets

Beyond Ethereum, Lookonchain detailed transactions across six additional tokens. The disposals included 14 million ENA worth $2.76 million and 323,000 UNI valued at $2.24 million, alongside 1.89 million ETHFI totaling $1.23 million. Together, ETH, ENA, and UNI comprised approximately $20.2 million, or 90.6% of the tracked sales.

Smaller recorded sales consisted of 546,609 AERO ($398,000), 120,000 PENDLE ($244,000), and 3 million ZAMA ($214,000). While Hayes labeled the disposals as profit-taking, the transactions did not reveal original acquisition costs or net realized returns.

Shift From Aggressive Positioning

The divestments mark a sharp reversal from Maelstrom's prior strategy. In an August essay, Hayes declared the fund was at "maximum risk exposure," citing potential liquidity injections from U.S. Treasury bond buybacks. His stated core holdings at that time included Bitcoin, Ether, Ethena, and Ether.fi. The recent exit leaves Hayes on the sidelines, with no stated timeline or price targets for re-entering directional trades.

Key facts

• Lookonchain tracked $22.28 million in token sales linked to Arthur Hayes's Maelstrom directional trading book.
• Ethereum accounted for $15.2 million of the sales across 6,400 ETH.
• Other disposals included ENA ($2.76M), UNI ($2.24M), ETHFI ($1.23M), AERO ($398K), PENDLE ($244K), and ZAMA ($214K).
• Hayes stated the move was driven by macroeconomic and geopolitical uncertainty.