‘I dumped it all’ – Arthur Hayes sells $22M in altcoins amid geopolitical fears
Maelstrom CIO Arthur Hayes has offered his altcoin holdings, beginning with Ethereum. He dumped 6,400 ETH price $15.2M. The agency additionally offloaded $2.76M of Ethena [ENA], $2.24M of Uniswap [UNI], EtherFi [ETHFI], Aerodrome [AERO], and Zama.
In whole, Hayes offered $22.28M price of altcoins. Defending his transfer, the crypto investor mentioned,
I dumped all of it. The Maelstrom directional e-book took earnings on ETH, ENA, UNI, and different shitcoins. I believe we gotta go right down to go up. It appears a bit dicey on the market in macro and geopolitical land.
Even US fairness markets closed decrease on Friday. BTC additionally dropped to $80K following hypothesis that the U.S. was shifting its personnel out of the Center East, suggesting a possible renewed stress with Iran.
However Ethereum’s stress is coming from a number of fronts.
Ethereum is underneath bearish stress
First, ETH has been probably the most offered crypto asset by ETF buyers in October. Thus far, the merchandise have seen $1.1B in month-to-month outflows, almost 3x greater than BTC, which noticed $313M in outflows.
This was the second-largest month-to-month outflow for the U.S. spot ETH ETF since its debut. The file month-to-month sell-off of $1.42B occurred final November. With one other week left earlier than October involves an finish, the pending macro and geopolitical fears could set off extra outflows.
Ethereum OGs or early buyers, some who purchased ETH whereas it was under $1, have been cashing out in droves too. A few of this cohort sold over $8M price of ETH up to now 48 hours.
Since final June, Bitmine has been buying ETH for its treasury functions. It has now amassed 6.053M ETH, or 99% of its 5% ETH provide goal. Which means it might cease shopping for ETH at any time, blocking one other demand channel that has sustained the altcoin for over a yr.
Presently, a mean of 20K ETH is added to the availability each week. With out Bitmine and the ETF continued sell-off, it will develop into one other stress issue.
Maybe one of many optimistic catalysts is the file staking demand for ETH. Sadly, this additionally means new issuance rewards to stakers, which provides to the availability within the first place.
Can Ethereum bulls defend $2,300?
Taken collectively, if the macro and geopolitical backdrop doesn’t enhance, additional draw back danger may very well be seemingly. If that’s the case, dropping $2,364 might drag to $2,200 or $2,100.
The $2300-$2400 has been a key help zone since September and a key hurdle in H1 2026. Nonetheless, ETH has dropped by 15% from the latest excessive of $2,800. Breaking under $2,300 would reinforce the $2400 stage as one other hurdle for bulls.
Last Abstract
- Hayes offloaded over $22M of altcoins, together with $15M in ETH holdings.
- ETF buyers offered +$1 billion of ETH in October, greater than some other crypto asset.
