Maelstrom Crypto Selloff Sees $22.28 Million in ETH and Altcoin Sales

The Maelstrom crypto selloff has recently received some attention as the founder of Maelstrom, Arthur Hayes, is alleged to have made an investment sale of roughly $22.28 million worth of cryptocurrencies such as ETH, ENA, UNI, and various other altcoins. According to Hayes, the fund had successfully liquidated all of its directional trades due to fears about the economy and geopolitics. This comes amid the problems faced by the crypto market due to increased oil prices, inflation worries, and fears of rate cuts. Recent withdrawals from spot Bitcoin and Ethereum ETFs in the United States have only added fuel to the fire, increasing the worry that prices may fall even more before they bounce back. Hayes thinks that the market needs another fall before prices can go up.

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