Arthur Hayes' Maelstrom enters 2026 at 'almost maximum risk' betting on altcoins

Arthur Hayes' investment fund, Maelstrom, has entered 2026 with what he describes as "almost maximum risk" exposure, maintaining a highly aggressive stance characterized by minimal stablecoin holdings. The portfolio is now specifically focused on risk assets, particularly privacy coins like Zcash and emerging decentralized finance (DeFi) tokens, which are leading the current allocation. This aggressive positioning follows a reversal from Hayes' earlier 2025 prediction of a market downturn; by April 2025, Maelstrom had gone "maximum long" in crypto, anticipating a new altcoin cycle. Hayes bases this continued bullish outlook on the expectation that U.S. deficit spending and Federal Reserve money printing will create a liquidity wave supporting crypto prices, especially higher-risk altcoins. Despite profitable but uneven 2025 performance, Hayes plans to capitalize on this perceived liquidity environment, which also saw Maelstrom make a strategic investment in stablecoin startup River.

(Source：CoinDesk)