Arthur Hayes, co-founder of BitMEX and chief investment officer of family office Maelstrom, said on Oct. 24 that he had closed all of Maelstrom’s directional positions and taken profits on ETH, ENA, UNI, and other altcoins.
In his post on X, Hayes wrote: "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."
He also said: "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."
Hayes did not disclose the size of the positions he exited. He also did not say what indicators he would use to judge when the "all clear" had arrived. The post was published at 2:18 p.m. Taiwan time on Oct. 24.
Spot Bitcoin ETFs posted more than $770 million in net outflows over two days
Before Hayes made the post, U.S. spot Bitcoin ETFs had already seen net outflows for two consecutive trading days. According to Farside Investors data, the group recorded $635.6 million in net outflows on Oct. 22, including $254.1 million from BlackRock’s IBIT and $217.5 million from Fidelity’s FBTC.
On Oct. 23, spot Bitcoin ETFs saw another $137.9 million in net outflows, mainly driven by $110.3 million leaving IBIT. As of the afternoon of Oct. 24 in Taiwan, data for one fund had still not been updated.
Before that stretch, Bitcoin ETFs had posted $1.07 billion in inflows over three consecutive days.
Bitcoin, Ether, ENA and UNI were lower on the day
According to CoinGecko data, as of 3:54 p.m. Taiwan time on Oct. 24, Bitcoin was trading at $80,747, down 0.95% over 24 hours. Ether was at $2,376, down 0.96%.
ENA, one of the tokens Hayes said he had sold for profit, was at $0.19, down 4.7%. UNI was at $6.87, down 5.3%.
