Maelstrom founder Arthur Hayes has dumped $22.28 million in altcoins, including ETH, ENA, ETHFI, UNI AERO, PENDLE, and ZAMA. Hayes says he is stepping away from directional trading, warning that crypto prices may need to fall further before the next recovery begins.
Is another crypto sell-off coming before the next rally?
Arthur Hayes Sells $22.28M in ETH, ENA and UNI
In a recent tweet, Hayes confirmed that Maelstrom had closed all positions in its directional trading portfolio and taken profits from several cryptocurrencies.
“I dumped it all. The Maelstrom directional book, took profits on ETH, ENA, UNI and other shitcoins.”
According to on-chain data shared by Lookonchain, the fund moved around $22.28 million in crypto assets. This included 6,400 ETH worth $15.2 million, 14 million ENA worth $2.76 million, and 323,000 UNI worth $2.24 million.
The sales also included 1.89 million ETHFI worth $1.23 million, 546,609 AERO worth $398,000, 120,000 PENDLE worth $244,000 and 3 million ZAMA worth $214,000. Some of these tokens were transferred to exchanges, including Binance.
Hayes Says, “We Gotta Go Down to Go Up”
Hayes said he was concerned about the current macroeconomic and geopolitical outlook and would remain on the sidelines until conditions became clearer.
“I think we gotta go down to go up,” he wrote, adding that he would wait for an “all clear signal” before making his next move.
The decision marks a change from his position just nine days earlier, when he shared a bullish outlook on Bitcoin and Ether.
Key Reason Behind Arthur Hayes’ Altcoin Sell-Off
Arthur Hayes sees growing risks for the crypto market due to rising tensions in the Middle East following a missile strike in Saudi Arabia. These tensions have also pushed Brent crude futures above $113 a barrel amid reports of tanker attacks in the region.
Adding to these concerns, U.S. inflation reportedly rose to 3.7%, lowering hopes for interest rate cuts in the near future.
Hayes said he plans to wait for clearer market signals before investing again, stating, “Going to sit on the sidelines and wait for the all-clear signal.”
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