STOCKS | Webull Reports Record Second-Quarter Revenue, Crypto Trading Brings In $2.25 Million

Webull reported record second-quarter revenue, with crypto trading contributing $2.25 million, according to a CryptoSlate report dated August 20, 2026. The same report notes that Arthur Hayes exited Maelstrom's directional crypto positions, with on-chain analysts tracking about $26 million in token sales, including roughly $19 million in Ethereum. Hayes cited macroeconomic and geopolitical uncertainty and said he would remain on the sidelines until conditions provided a clearer signal. The sales included 8,000 ETH, 14 million ENA, 323,000 UNI, and several smaller tokens, per analyst EmberCN. The report also cites Santiment data showing 169,770 ETH left exchanges in a single day, the largest outflow in more than four months, which Santiment viewed as a potentially bullish signal.

Background

The CryptoSlate report frames Hayes's move as a reversal from the bullish positioning he outlined in September. In his September 2 investment outlook, Hayes maintained a $10,000 year-end target for Ethereum, alongside price expectations of $0.5 for ENA and $2 for ETHFI. Those forecasts depended heavily on his expectation that financial stress in Europe would eventually force the Federal Reserve to increase dollar liquidity, creating favorable conditions for cryptocurrency prices. Hayes also described Bitcoin as Maelstrom's structural long-term holding, while Ethereum and selected decentralized finance tokens represented more speculative positions. The report notes that his latest announcement indicates he has abandoned near-term directional bets but does not establish that Maelstrom liquidated its longer-term Bitcoin exposure or other investments. The reversal comes ahead of the Federal Reserve's October 27–28 policy meeting, when investors will receive another indication of the central bank's approach to interest rates and financial conditions. Separately, Santiment's October 23 analysis reported that approximately 169,770 ETH had left exchanges on a net basis during a single day, the largest such withdrawal in more than four months. Santiment interpreted the lower exchange balance as less immediately available supply for sellers, potentially easing selling pressure if demand stabilizes. The firm highlighted a comparable episode on June 5, when approximately 223,800 ETH left exchanges as Ethereum reached its lowest price since April 2025. That earlier movement coincided with a local market bottom, after which the cryptocurrency staged a rapid recovery.

What happened

According to the CryptoSlate report, Arthur Hayes exited Maelstrom's directional crypto positions, and on-chain analysts tracked about $26 million in token sales. In an October 24 statement, Hayes said he had taken profits on Ethereum, Ethena, Uniswap, and other cryptocurrencies, citing mounting macroeconomic and geopolitical uncertainty. On-chain analyst EmberCN reported that Hayes sold about $26 million in cryptocurrencies, with Ethereum accounting for nearly three-quarters of the total. The transactions included 8,000 ETH worth approximately $19 million, 14 million ENA valued at $3 million, and 323,000 UNI worth $2 million. Additional disposals involved 1,890,000 Ether.fi tokens valued at $1 million, 547,000 Aerodrome Finance tokens worth $400,000, 120,000 Pendle tokens valued at $240,000, and 3 million Zama tokens worth $210,000. Hayes described the trades as profit-taking; the dollar estimates come from EmberCN. He wrote, “I think we gotta go down to go up,” adding that conditions looked uncertain across the macroeconomic and geopolitical landscape. He said he would remain on the sidelines until market conditions provided a clearer signal to resume trading. The report notes that the decision represents a substantial shift from the bullish positioning Hayes outlined in September. In his September 2 investment outlook, he maintained a $10,000 year-end target for Ethereum, alongside price expectations of $0.5 for ENA and $2 for ETHFI. Those forecasts depended heavily on his expectation that financial stress in Europe would eventually force the Federal Reserve to increase dollar liquidity. Hayes also described Bitcoin as Maelstrom's structural long-term holding, while Ethereum and selected decentralized finance tokens represented more speculative positions. His latest announcement indicates that he has abandoned those near-term directional bets, although it does not establish that Maelstrom liquidated its longer-term Bitcoin exposure or other investments. The reversal comes ahead of the Federal Reserve's October 27–28 policy meeting. In a separate October 23 analysis, Santiment reported that approximately 169,770 ETH had left exchanges on a net basis during a single day, the largest such withdrawal in more than four months. Santiment interpreted the lower exchange balance as less immediately available supply for sellers, potentially easing selling pressure if demand stabilizes. Santiment highlighted a comparable episode on June 5, when approximately 223,800 ETH left exchanges as Ethereum reached its lowest price since April 2025. That earlier movement coincided with a local market bottom, after which the cryptocurrency staged a rapid recovery. The analytics firm suggested the latest withdrawal spike could support another recovery, especially if outflows persist while Ethereum stays within its current trading range. The report adds that transfers to private wallets, custody services, or staking arrangements can reduce exchange balances without necessarily representing fresh buying demand.

Market impact

The CryptoSlate report provides several figures relevant to market impact. On-chain analyst EmberCN tracked about $26 million in token sales by Arthur Hayes, with Ethereum accounting for nearly three-quarters of the total. The transactions included 8,000 ETH worth approximately $19 million, 14 million ENA valued at $3 million, and 323,000 UNI worth $2 million. Additional disposals involved 1,890,000 Ether.fi tokens valued at $1 million, 547,000 Aerodrome Finance tokens worth $400,000, 120,000 Pendle tokens valued at $240,000, and 3 million Zama tokens worth $210,000. Santiment reported that approximately 169,770 ETH had left exchanges on a net basis during a single day, the largest such withdrawal in more than four months. Santiment highlighted a comparable episode on June 5, when approximately 223,800 ETH left exchanges as Ethereum reached its lowest price since April 2025. That earlier movement coincided with a local market bottom, after which the cryptocurrency staged a rapid recovery. The report also notes that Hayes had maintained a $10,000 year-end target for Ethereum in his September 2 outlook, alongside price expectations of $0.5 for ENA and $2 for ETHFI. The report does not provide current market prices for Ethereum or the other tokens. It also does not specify the exact date of the $26 million sale beyond Hayes's October 24 statement and EmberCN's tracking. The report mentions that the reversal comes ahead of the Federal Reserve's October 27–28 policy meeting, which could provide further indications of the central bank's approach to interest rates and financial conditions.

Why it matters

The CryptoSlate report suggests that Hayes's exit from directional positions matters because it represents a substantial shift from the bullish positioning he outlined in September. His September 2 outlook had maintained a $10,000 year-end target for Ethereum, alongside price expectations of $0.5 for ENA and $2 for ETHFI, based on an expectation that financial stress in Europe would eventually force the Federal Reserve to increase dollar liquidity. The report notes that his latest announcement indicates he has abandoned those near-term directional bets, although it does not establish that Maelstrom liquidated its longer-term Bitcoin exposure or other investments. The timing, ahead of the Federal Reserve's October 27–28 policy meeting, means investors will receive another indication of the central bank's approach to interest rates and financial conditions. Separately, Santiment's data on Ethereum exchange outflows matters because the firm interpreted the lower exchange balance as less immediately available supply for sellers, potentially easing selling pressure if demand stabilizes. Santiment highlighted a comparable episode on June 5, when approximately 223,800 ETH left exchanges as Ethereum reached its lowest price since April 2025, and that earlier movement coincided with a local market bottom, after which the cryptocurrency staged a rapid recovery. The analytics firm suggested the latest withdrawal spike could support another recovery, especially if outflows persist while Ethereum stays within its current trading range. However, the report cautions that transfers to private wallets, custody services, or staking arrangements can reduce exchange balances without necessarily representing fresh buying demand.