Key facts
- Arthur Hayes has sold his entire directional trading book, including ETH, ENA, and UNI.
- The total value of the exited portfolio is approximately $22.28 million.
- Hayes cited rising macro and geopolitical uncertainty as reasons for the defensive pivot.
- He is waiting for an "all clear signal" before re-entering the market.
Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom Fund, has liquidated his entire directional trading book, selling approximately $22.28 million in cryptocurrencies. The move, confirmed on X on October 24, 2026, includes significant positions in Ethereum (ETH), Ethena (ENA), and Uniswap (UNI), as well as smaller holdings in ETHFI, AERO, PENDLE, and ZAMA. Hayes stated that he believes a downturn is necessary for future gains and is adopting a defensive stance due to perceived macro and geopolitical risks, opting to wait for a clearer market signal before reinvesting. On-chain data from Lookonchain corroborated the scale of the sales, which included 6,400 ETH valued at $15.2 million, 14 million ENA worth $2.76 million, and 323,000 UNI valued at $2.24 million.