Arthur Hayes Dumps Entire Trading Book, Sells Over $22M In Tokens As He Says Crypto Needs To ‘Go Down To Go Up’
Arthur Hayes, on Saturday, said he sold off his entire directional trading book at Maelstrom, his family office, making profits on Ethereum (ETH), Ethena (ENA), and Uniswap (UNI) tokens and stepping back from crypto markets due to a shaky macroeconomic and geopolitical backdrop, as he put it.“I dumped it all. The Maelstrom directional book took profits on Ethereum, Ethena, Uni, and other ****coins. I think we got a go down to go up,” Hayes wrote in a post on X. Hayes suggested he expects a money-printing cycle to follow soon, and added he would sit on the “sidelines” for a while. https://x.com/CryptoHayes/status/2113877751803642092?s=20On-chain monitoring firm Lookonchain estimated wallets connected to Hayes sold about $22.28 million in tokens across seven assets. The biggest sale was 6,400 ETH, valued at about $15.2 million, followed by 14 million ENA at about $2.76 million and 323,000 UNI at about $2.24 million.Smaller amounts of ether.fi (ETHFI), Aerodrome Finance (AERO), Pendle (PENDLE), and Zama (ZAMA) were also sold. However, the wallet was not independently verified.Hayes’ Crypto Picks Extend Losses All the coins in Hayes' trade remained in the red. was down over 9% in the last 24 hours, whereas was down over 7% and ENA’s price was down over 4%. PENDLE's price was down over 4% while ETHFI was down over 3% over the past day. UNI’s price was down over 5% in the last 24 hours.On Stocktwits, retail sentiment around AERO, ZAMA, UNI and ENA remained in the ‘bearish’ zone, while sentiment around PENDLE improved to the ‘neutral’ zone from the ‘bearish’ zone over the past day.The broader crypto market was also down as Bitcoin traded near $80,373, down over 1% over the past day.Hayes’ Previous Bullish Calls On Ethereum, Ethena And ETHFI The move comes as a surprising turn for Hayes, who has been an Ethereum bull. In July, he forecasted Ethereum to reach $100,000 to $200,000 at the peak of the next cycle, citing that the move would be triggered by the collapse of the AI bubble – which he said would trigger a financial crisis bigger than the 2008 subprime crash.Back in September, Hayes predicted a massive rally for Ethena to $0.50 and a $2 target for ETHFI. At the time, Hayes predicted the prices of the coins based on the EUR/JPY exchange rate dropping to 140 by 2027 and increasing liquidity driven by the expansion of the Federal Reserve’s balance sheet.Ethereum’s price was trading at $2,363, down over 1%, amid broader market weakness. On Stocktwits, retail sentiment around Ethereum remained in the ‘extremely bearish’ zone over the past day.