Arthur Hayes' Maelstrom fund has liquidated its entire crypto directional positions and will remain on sidelines until macro and geopolitical conditions stabilize.
Macro & Markets ·
Arthur Hayes, who serves as CIO of Maelstrom Fund, announced on October 24 that he has closed out the fund's entire directional crypto holdings. The move involved taking profits across positions including ETH, ENA, and UNI, among others, with Hayes signaling the fund will remain inactive pending shifts in macroeconomic and geopolitical conditions.
Hayes characterized the current environment as uncertain, framing the liquidation as a strategic retreat ahead of potential further downside. The decision to exit positions entirely rather than rebalance or hedge suggests a view that near-term market direction remains unclear, though Hayes indicated a willingness to re-enter if clearer conditions emerge.
The timing and scope of the exit—liquidating the entire directional book rather than trimming—underscores conviction that the fund's risk-off stance is warranted. No timeline for potential re-entry was specified, leaving open when Hayes might perceive conditions as sufficiently stabilized to resume activity.