Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, has closed the firm’s directional trading book after selling approximately $22.28 million in cryptocurrency tokens. The transactions, identified through on-chain tracking, primarily involved Ethereum along with several other assets, and come as Hayes cited elevated risks in macroeconomic and geopolitical conditions.

In a public statement, Hayes confirmed the move and indicated he plans to remain on the sidelines until clearer signals emerge. The sales reverse an earlier stance in which Maelstrom had maintained elevated exposure to crypto assets.

Details of the Token Sales

On-chain data showed transfers totaling roughly $22.28 million across seven tokens from wallets associated with Hayes. Ethereum formed the largest portion, with 6,400 ETH valued at $15.2 million, accounting for about 68 percent of the reported total. Additional sales included 14 million ENA tokens worth $2.76 million and 323,000 UNI tokens valued at $2.24 million.

Smaller positions closed comprised 1.89 million ETHFI tokens at $1.23 million, 546,609 AERO tokens at $398,000, 120,000 PENDLE tokens at $244,000, and 3 million ZAMA tokens at $214,000. Combined, the three largest positions in ETH, ENA, and UNI represented approximately $20.2 million, or more than 90 percent of the tracked value.

Some of the tokens were transferred to addresses linked to exchanges and market makers, including Binance, Wintermute, Galaxy Digital, and FalconX. The figures represent reported market values at the time of the transfers rather than confirmed net proceeds after fees or exact execution prices.

Hayes Explains the Decision

Hayes described the activity as the closure of Maelstrom’s directional book and said the firm had taken profits on the positions. He pointed to uncertainty in the broader environment as the reason for stepping back.

Hayes did not provide specific price targets, a timeline for re-entering the market, or details on any remaining holdings, hedges, or private investments outside the directional book. He also did not disclose acquisition costs or realized returns beyond stating that profits had been taken on the sold positions.

Shift From Earlier Positioning

The exit follows a period of more aggressive exposure. In late August, Hayes had described Maelstrom as operating at maximum risk, with significant positions in Bitcoin, Ether, Ethena, and Ether.fi. At that time, he linked potential crypto gains to U.S. Treasury actions aimed at supporting the government bond market and increasing dollar liquidity.

More recently, on October 15, Hayes had expressed a bullish view on Bitcoin and Ether while anticipating eventual large-scale policy support. The latest sales mark a clear reduction in directional risk as conditions appeared less favorable in the short term.

Prior trading activity linked to Hayes-related wallets has included both purchases and subsequent sales of Ethereum and other assets earlier in the year, often framed as responses to shifting macro conditions. The current moves are consistent with a pattern of adjusting exposure based on perceived near-term risks while maintaining a longer-term interest in the sector.

Hayes has not indicated any change to Maelstrom’s overall investment approach beyond the temporary closure of the directional book. Market participants continue to monitor macroeconomic indicators and geopolitical developments for further clues on potential shifts in positioning across the industry.