Arthur Hayes Liquidates $22.28 Million Crypto Book, Shifting Portfolio to Cash

Ethereum retreated toward the $2,350 to $2,380 range after BitMEX co-founder Arthur Hayes liquidated Maelstrom's $22.28 million directional crypto book to move into cash. The sales were led by 6,400 to 8,000 ETH worth between $15.2 million and $19 million, alongside $2.76 million in ENA, $2.24 million in UNI, and $1.23 million in ETHFI. Tokens were transferred across Binance, Galaxy Digital, and FalconX, with Hayes subsequently receiving 11.73 million USDC from Galaxy Digital and Flowdesk. Hayes cited deteriorating macroeconomic and geopolitical risks, reversing an October 15 recommendation to go long on Bitcoin and Ethereum.