"I dumped it all": BitMEX co-founder exits the market as bitcoin dives below $80,000. Who really lost
On Saturday bitcoin briefly slipped under $80,000, and Arthur Hayes posted that he had sold everything. But the people who lost the most are not who you might think, and the market has two big dates coming up this week.
What happened. On Saturday, October 24, bitcoin briefly fell below $80,000, to $79,280. In four hours the market wiped out $404 million of bets on a rise. Over 24 hours liquidations hit 201,000 traders for $815 million. On Sunday morning bitcoin trades around $80,500, only about 2% lower than a week ago.
Who "dumped it all". That same night BitMEX co-founder Arthur Hayes wrote on X: "I dumped it all." His family office Maelstrom closed its positions in ETH, ENA, UNI and other tokens. Hayes blamed "dicey" macro and geopolitics, and said he would come back once he sees an "all clear" signal. He did not say when.
Why everyone is nervous. Brent oil closed Friday at $116.72 a barrel, its highest since late April. Seven tankers have been reported damaged near the Strait of Hormuz. The US is cutting embassy staff in Jordan, Lebanon, Qatar and the UAE. Bitcoin ETFs lost $773 million over Thursday and Friday. Ether fell harder than bitcoin, to $2,314, down 3.8% on the day.
Who really lost. Not the people holding bitcoin, but the people trading on borrowed money. A 1–2% drop was enough to close hundreds of thousands of leveraged positions. 94% of bitcoin liquidations were bets on a rise. If you bought your coins with your own money and keep them yourself, you are simply looking at a smaller number.
What next. Two dates are ahead. On October 28 the Fed announces its rate decision, and the market puts about 90% odds on no change. On October 30 roughly $12.3 billion of bitcoin options expire. Days like these often jerk the price both ways. Analysts disagree: Peter Schiff expects $75,000, Bitwise expects above $100,000 by year-end.
Sources: The Block (liquidations, Hayes, ETF flows, 24.10.2026), Bitcoin News Digest (price, oil, Fed, options, 25.10.2026), The Crypto Basic (Electrum 4.8.3, 24.10.2026)
News is for information only and is not investment advice. Use only crypto providers licensed in Uzbekistan.