BitMEX co-founder Arthur Hayes has sold an estimated USD 28.8 million worth of cryptocurrencies over 24 hours, earning approximately USD 6.65 million in profits, according to blockchain analytics platform Lookonchain. The transactions included Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and several other tokens.
The latest sales follow Hayes' decision to close Maelstrom's directional trading positions amid concerns about global economic conditions and geopolitical tensions.
Arthur Hayes transferred another 14 million ENA tokens worth approximately USD 2.73 million on October 25, according to Lookonchain. The blockchain tracker reported that the transaction brought his total cryptocurrency sales over the preceding 24 hours to USD 28.8 million.
Lookonchain estimated that Hayes earned USD 6.65 million from the transactions. Most of the reported profits came from Ethereum and Ethena. Meanwhile, his positions in UNI, ETHFI, AERO, PENDLE, and ZAMA closed near their purchase values, according to the tracker.
The USD 6.65 million figure represents Lookonchain's estimate. The tracker did not publish a complete record of purchase prices, execution prices, and trading fees to independently confirm the exact realized profit.
Lookonchain first identified USD 22.28 million in token transactions on October 24. Its initial breakdown included 6,400 ETH worth USD 15.2 million and 14 million ENA valued at USD 2.76 million. The tracker identified another 323,000 UNI worth USD 2.24 million and 1.89 million ETHFI valued at USD 1.23 million.
Other transactions involved 546,609 AERO worth USD 398,000, 120,000 PENDLE valued at USD 244,000, and 3 million ZAMA worth USD 214,000. Lookonchain linked the activity to an Ethereum wallet associated with Hayes and published the wallet's Arkham tracking records.
Ethereum accounted for approximately 68% of the initial USD 22.28 million total. The subsequent ENA transfer formed part of the additional activity that raised Lookonchain's reported 24-hour sales figure to USD 28.8 million.
On October 24, Hayes confirmed that he had closed Maelstrom's directional cryptocurrency trading positions. 'I dumped it all,' Hayes wrote, naming ETH, ENA, and UNI among the assets sold.
Hayes attributed his decision to concerns about economic conditions and geopolitical developments. He wrote, 'I think we gotta go down to go up,' suggesting that he expects another market decline before prices recover.
The former BitMEX CEO said he would remain on the sidelines until market conditions improved. However, he did not provide a date for returning to trading or identify specific price levels that would prompt new purchases.
His announcement concerned Maelstrom's directional trading portfolio. It did not confirm that the firm had liquidated all its cryptocurrency holdings or other investments.
Hayes' latest sales follow a different position he outlined in September. In a September 2 essay, he identified Bitcoin as the main holding in Maelstrom's portfolio.
At the time, Hayes identified Ethereum, Ethena, and Ether.fi as speculative investments for the remainder of 2026. He projected price targets of USD 10,000 for ETH, USD 0.50 for ENA, and USD 2 for ETHFI.
His October 24 statement confirmed his decision to close the shorter-term trading positions. However, Hayes did not disclose whether Maelstrom had changed its long-term Bitcoin exposure.
Hayes has not announced a timetable for reopening the directional portfolio. His latest public statement leaves that decision dependent on his assessment of economic and geopolitical conditions.
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