TLDR
- Maelstrom CIO Arthur Hayes sold $22.28 million in altcoins, including $15.2 million of Ethereum.
- US spot Ethereum ETFs saw $1.1 billion in outflows in October, the second-largest month since launch.
- Bitcoin fell to $80,000 after reports the US was moving personnel out of the Middle East.
- Ethereum is down 15% from a recent high of $2,800 and is testing support near $2,300.
- Hayes moved another 14 million Ethena tokens to Cumberland on Oct. 25.
Maelstrom chief investment officer Arthur Hayes has sold his altcoin holdings. The sales started with Ethereum.
Hayes sold 6,400 Ethereum, worth $15.2 million. His firm also sold $2.76 million of Ethena and $2.24 million of Uniswap.
Arthur Hayes(@CryptoHayes) dumped another 14M $ENA ($2.73M) 2 hours ago.
Over the past 24 hours, he has sold $28.8M worth of tokens, making $6.65M in profit.
Most of his profits came from $ETH and $ENA, while he roughly broke even on $UNI, $ETHFI, $AERO, $PENDLE, and $ZAMA.… pic.twitter.com/NZaV35z6Z7
— Lookonchain (@lookonchain) October 25, 2026
The firm also sold EtherFi, Aerodrome and Zama. In total, Hayes sold $22.28 million worth of altcoins.
Hayes defended the move in a post. He said, “I dumped it all,” and that the firm took profits on several tokens.
He added that “it looks a bit dicey out there in macro and geopolitical land.” US stock markets closed lower on Friday.
Bitcoin also fell to $80,000 after reports that the US was moving personnel out of the Middle East. The reports raised the chance of renewed tension with Iran.
Ethereum Faces Pressure From ETF Outflows
Ethereum was the most sold crypto asset by ETF investors in October. US spot Ethereum ETFs saw $1.1 billion in outflows this month.
That is nearly three times the $313 million that left Bitcoin funds. It is the second-largest monthly outflow since the Ethereum ETF debuted.
The record is $1.42 billion, set last November. One week remains in October, so outflows could still grow.
Early Ethereum holders have also been cashing out. Some sold more than $8 million of Ethereum in the past 48 hours.
Bitmine has bought Ethereum for its treasury since last June. It holds 6.053 million Ethereum, or 99% of its target of 5% of supply.
About 20,000 Ethereum is added to supply each week. Record staking demand is a positive, but staking rewards add new supply.
Ethereum Price Tests Key Support
Ethereum has dropped 15% from a recent high of $2,800. The $2,300 to $2,400 range has been key support since September.
Losing $2,364 could send the price toward $2,200 or $2,100, according to TradingView chart data.
On Oct. 25, on-chain analyst EmberCN reported that Hayes sent another 14 million Ethena tokens, worth about $2.73 million, to Cumberland. Since the previous day, he has moved about $28.81 million in tokens to trading platforms.
EmberCN also said Hayes withdrew 14.15 million USDC from those platforms, a sign the sales were still underway.
