Arthur Hayes took profits on Maelstrom’s directional positions in Ethereum, Ethena, Uniswap and several other cryptocurrencies, citing mounting macroeconomic and geopolitical uncertainty. Blockchain analyst EmberCN valued the sales at about $26 million, including $19 million in Ethereum through the sale of 8,000 ETH. The decision marks a reversal from Hayes’s bullish forecasts, which included a $10,000 year-end target for Ethereum, although he did not indicate that Maelstrom had liquidated its long-term Bitcoin exposure. Santiment reported that 169,770 ETH had left exchanges in a single day, the largest net outflow in more than four months, and identified $2,400 as the immediate level determining whether the recovery could continue.
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