Former BitMEX Chief Executive Officer and current Maelstrom Chief Investment Officer Arthur Hayes has liquidated $22.28 million worth of digital assets across multiple wallets, according to on-chain tracking data released by Lookonchain on October 24, 2026.
The massive sell-off comes despite Hayes publicly maintaining a bullish long-term target of $10,000 for Ethereum by the end of the year, a prediction he reiterated in late September while describing Ethereum as the most secure layer-one network.
Break Down of the $22.28 Million Portfolio Dump
Data from Lookonchain shows that Ethereum comprised the overwhelming majority of the liquidations. Hayes disposed of 6,400 ETH valued at approximately $15.2 million. The transactions represent another chapter in a broader liquidation trend as Arthur Hayes liquidates $22.28 million crypto portfolio assets amid ongoing market uncertainty.
Beyond Ethereum, the wallet addresses associated with Hayes unloaded several major altcoins and DeFi tokens:
- 14 million ENA worth $2.76 million
- 323,000 UNI worth $2.24 million as Uniswap records wallet growth peak
- 1.89 million ETHFI worth $1.23 million
- 546,609 AERO valued at $398,000
- 120,000 PENDLE worth $244,000
- 3 million ZAMA worth $214,000
Pattern of Accumulation and Rapid Reversals
The recent sales align with a recurring pattern in Hayes' trading activity. In July, Hayes accumulated over 7,200 ETH for nearly $14 million at an average entry price of $1,923. Shortly after a market pullback, he transferred 2,364 ETH to OTC desks Cumberland and Galaxy Digital at an estimated average price of $1,821, realizing a loss of roughly $241,000 on that tranche.
That move followed an earlier sequence where he dumped over $10 million in ETH at prices under $1,700, only to repurchase tokens once prices crossed $1,900. By late July, Lookonchain reported he spent $7.47 million to purchase 3,915 ETH at an average price of $1,909.
Why It Matters
Hayes' frequent pivots between public mega-bullish price targets and rapid on-chain liquidations highlight how institutional investors manage short-term liquidity risks during volatile macro environments. While long-term commentary from high-profile founders often drives retail sentiment, on-chain movements reveal active capital preservation strategies when market momentum slows. Traders should monitor whether these divestments mark a temporary cash reallocation or signal broader institutional caution across altcoins. Amid broader market moves, Ethereum exchange outflows hit 4-month highs as investors navigate shifting spot ETF demand.
