Arthur Hayes Offloads $22M in Crypto, Warns of Further Downturn

Arthur Hayes offloaded roughly $22.28 million in digital assets from the Maelstrom directional book. The chief investment officer of the family office disclosed the sell-off on X and intends to remain on the sidelines.

That message marks a change from his stance earlier this month. On October 15, Hayes had encouraged traders to take long positions on Bitcoin (BTC) and Ethereum (ETH) and to trade an eventual bailout.

What Arthur Hayes Sold and Why He Says He Left

According to Lookonchain data, his largest disposal was 6,400 ETH, valued at $15.2 million. Hayes also sold 14 million Ethena (ENA) tokens for $2.76 million and 323,000 Uniswap (UNI) tokens for $2.24 million.

Smaller transactions included 1.89 million Ether.fi (ETHFI) tokens and positions in Aerodrome Finance (AERO), Pendle (PENDLE), and Zama (ZAMA).

Hayes then verified the sell-off in a post, pointing to macroeconomic and geopolitical risks.

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

— Arthur Hayes (@CryptoHayes) October 24, 2026

Did Hayes Sell at a Profit This Time?

Hayes stated that he took profits on ETH and ENA. Lookonchain assessed his 6,400 ETH at $15.2 million, roughly $2,375 per coin, although his acquisition cost for those coins is not publicly known.

ENA provides a clearer comparison. In early August, he purchased 9.05 million ENA for approximately $773,000, around $0.085 per token.

Lookonchain priced Saturday's ENA sale at roughly $0.20 per token. However, it remains unconfirmed whether the sold tokens are the identical ones bought in August.

His most recent bets performed worse. In mid-October, he purchased Aerodrome, Pendle, and Zama tokens, according to Lookonchain.

Arthur Hayes(@CryptoHayes) bought 546,610 $AERO ($460K), 120,000 $PENDLE ($232K), and 3M $ZAMA ($197K) an hour ago.https://t.co/gau6egd7Vm

— Lookonchain (@lookonchain) October 15, 2026

He spent roughly $889,000 on those tokens and sold them for around $856,000, based on Lookonchain's prices at the times of each trade. That results in a loss of approximately $33,000.

The Slide Goes Beyond Hayes' Tokens

His departure occurred amid a wider market decline. Six of the seven tokens he sold have dropped over the past month, per BeInCrypto Markets.

The downturn also puts Hayes's earlier price targets into context. His September predictions of $10,000 for ETH, $0.50 for ENA, and $2 for ETHFI still stand well above current levels.

Wider market pressure increased this month. On October 15, crypto liquidations hit $942.1 million within 24 hours, with long positions representing 91.6% of that amount.

On October 23, a further selloff pushed the Nasdaq down 2.6% and Bitcoin toward $81,400. Climbing oil prices fueled inflation worries, bringing monetary policy back into the spotlight.

Why the Fed Is the Next Test

The Federal Reserve's upcoming decision, scheduled for October 28, could influence the outlook for risk assets. The Fed increased rates to 3.75%–4% on September 16, marking its first hike since July 2023. CME FedWatch data indicates a 90% probability of a hold.

The longer-term picture remains unclear. Minutes from September's meeting revealed that most officials anticipated another hike by year-end. Hayes, on the other hand, has contended that an eventual AI bailout would inundate markets with fresh liquidity.

His own trading record provides another reason to monitor how he navigates the latest exit. In August 2025, Hayes sold ETH near $3,507 and repurchased nine days later at roughly $4,252.

A trader who mimicked that move would have paid approximately 21% more to get back in. For altcoin holders, the October 28 decision could help decide whether Hayes's latest exit turns out to be well-timed or premature.