Key Takeaways
- • Arthur Hayes, CIO of Maelstrom and co-founder of BitMEX, said his fund trades altcoins primarily to generate profits that are recycled into additional Bitcoin purchases.
- • Hayes told The Rollup podcast that his fund treats trading as a tool to fund larger Bitcoin positions rather than an end goal in itself, per Pluang's summary of that interview.
- • Hayes expressed disappointment with altcoin performance in recent years but maintains Bitcoin accumulation as the fund's principal objective.
- • Hayes pointed to DeFi protocols active since 2020 and cited paying customers and token-holder returns as indicators of protocol profitability.
- • Pluang's October 17, 2026 snapshot showed 7 of 50 major cryptocurrencies rising and 42 falling on its platform.
Summary
Arthur Hayes, Chief Investment Officer of Maelstrom and co-founder of the BitMEX derivatives exchange, said his fund trades altcoins mainly to generate profits that are then used to buy more Bitcoin, according to a Pluang report dated October 17, 2026. Hayes told The Rollup podcast that the fund treats trading as a means of funding larger Bitcoin purchases rather than as an end goal.
Hayes said he has been disappointed with altcoin performance in recent years, yet the fund continues to prioritize Bitcoin accumulation. He also highlighted DeFi protocols that have been active since 2020, stating that projects with paying customers and returns to token holders are the metrics he uses to judge profitability. Per the published coverage, this framework reflects a cautious, Bitcoin-centric approach amid volatile altcoin markets.
Pluang's market snapshot as of October 17, 2026, at 22:31 WIB, showed 7 of 50 major cryptocurrencies priced on its platform rising and 42 falling. Notable movers included EOS at Rp12.649, up 8.13% over one day, FIL at Rp19.784, down 5.78%, and ALGO at Rp2.004, down 4.93%. Pluang order flow for FIL was 21% sell and 79% buy, and for ALGO 13% sell and 87% buy.
Hayes said he has been disappointed with altcoin performance in recent years, yet the fund continues to prioritize Bitcoin accumulation. He also highlighted DeFi protocols that have been active since 2020, stating that projects with paying customers and returns to token holders are the metrics he uses to judge profitability. Per the published coverage, this framework reflects a cautious, Bitcoin-centric approach amid volatile altcoin markets.
Pluang's market snapshot as of October 17, 2026, at 22:31 WIB, showed 7 of 50 major cryptocurrencies priced on its platform rising and 42 falling. Notable movers included EOS at Rp12.649, up 8.13% over one day, FIL at Rp19.784, down 5.78%, and ALGO at Rp2.004, down 4.93%. Pluang order flow for FIL was 21% sell and 79% buy, and for ALGO 13% sell and 87% buy.
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