In plain English: Nine days ago, he was publicly bullish on $ETH . Today, he closed out all his directional positions—not because something happened to $ETH , but because he thinks the market needs to take a tumble before it can make a stronger recovery.
Arthur Hayes said it himself on X early this morning: Maelstrom has closed all its directional positions, taking profits on $ETH , $ENA , $UNI , and others. His exact words: “we gotta go down to go up.” He’ll wait for an “all clear signal” before getting back in. On-chain sales tracked by Lookonchain line up: 6,400 ETH worth about $15.2 million, 14 million ENA worth about $2.76 million, and 323,000 UNI worth about $2.24 million. Add ETHFI, AERO, PENDLE, and ZAMA, and the seven tokens total about $22.28 million—with ETH alone accounting for nearly 70%.
First, the timeline: On October 15, he was still publicly saying he was long BTC and ETH. Nine days later, he’s completely reversed course and sold out. You don’t see that kind of 180-degree turn often from a seasoned investor. It suggests he’s worried not about any one coin, but about the broader clouds gathering across the macro and geopolitical landscape. Now look at today’s market: ETH is hovering around $2,370, BTC is clinging to $80,500, and U.S. spot BTC ETFs saw another $137.9 million in net outflows on October 23—the second consecutive day of withdrawals. The Fed’s October 27–28 meeting is just around the corner. Finally, don’t mistake “closed out” for “liquidated everything”: he closed his directional trading positions, not all of Maelstrom’s holdings. More than 14 million ENA are still on-chain, while another analysis even found that 8,000 ETH had been moved from associated addresses. The figures differ, but the direction is the same: step aside for now.
My take in one sentence: Hayes isn’t bearish on ETH’s long-term value with this trade; he’s putting real money behind the idea that it’ll go down before it goes up. Big players can wait for an all-clear signal. Retail traders can’t afford to wait for the same signal. I’ve seen plenty of people buy the dip halfway down the slope.
Personal opinion only; not financial advice.
#ArthurHayes #ETH #BTC #美联储议息 #CryptoMarket
Hayes is betting on a dip before the rebound—which side are you on: will ETH dip below $2,350 to find a bottom, or stabilize around $2,370 and rebound right away? Pick a side in the comments.
Arthur Hayes said it himself on X early this morning: Maelstrom has closed all its directional positions, taking profits on $ETH , $ENA , $UNI , and others. His exact words: “we gotta go down to go up.” He’ll wait for an “all clear signal” before getting back in. On-chain sales tracked by Lookonchain line up: 6,400 ETH worth about $15.2 million, 14 million ENA worth about $2.76 million, and 323,000 UNI worth about $2.24 million. Add ETHFI, AERO, PENDLE, and ZAMA, and the seven tokens total about $22.28 million—with ETH alone accounting for nearly 70%.
First, the timeline: On October 15, he was still publicly saying he was long BTC and ETH. Nine days later, he’s completely reversed course and sold out. You don’t see that kind of 180-degree turn often from a seasoned investor. It suggests he’s worried not about any one coin, but about the broader clouds gathering across the macro and geopolitical landscape. Now look at today’s market: ETH is hovering around $2,370, BTC is clinging to $80,500, and U.S. spot BTC ETFs saw another $137.9 million in net outflows on October 23—the second consecutive day of withdrawals. The Fed’s October 27–28 meeting is just around the corner. Finally, don’t mistake “closed out” for “liquidated everything”: he closed his directional trading positions, not all of Maelstrom’s holdings. More than 14 million ENA are still on-chain, while another analysis even found that 8,000 ETH had been moved from associated addresses. The figures differ, but the direction is the same: step aside for now.
My take in one sentence: Hayes isn’t bearish on ETH’s long-term value with this trade; he’s putting real money behind the idea that it’ll go down before it goes up. Big players can wait for an all-clear signal. Retail traders can’t afford to wait for the same signal. I’ve seen plenty of people buy the dip halfway down the slope.
Personal opinion only; not financial advice.
#ArthurHayes #ETH #BTC #美联储议息 #CryptoMarket
Hayes is betting on a dip before the rebound—which side are you on: will ETH dip below $2,350 to find a bottom, or stabilize around $2,370 and rebound right away? Pick a side in the comments.
