Arthur Hayes has liquidated roughly $22.28 million worth of tokens after shutting down the directional trading book at Maelstrom, the crypto investment firm he co-founded, pointing to macroeconomic and geopolitical uncertainty as the reason for stepping to the sidelines.

On-chain analytics platform Lookonchain flagged the transfers on Oct. 24, identifying a seven-token disposal led by 6,400 Ethereum worth about $15.2 million. The former BitMEX chief executive later confirmed on X that he had closed the positions and taken profits on ETH, ENA, UNI and other altcoins, adding that he intends to wait before re-entering the market.

“I think we gotta go down to go up,” Hayes wrote, without naming a specific policy decision, conflict or…