Machi Big Brother Sells BAYC NFT for 8.3 ETH to Supplement ETH Long Position
Jeffrey Huang (Machi Big Brother) has supplemented his ETH leveraged position by selling an NFT. In the latest transaction, he sold the Bored Ape Yacht Club NFT numbered #5715 for 8.3 ETH, approximately $15,600, which is significantly lower than his purchase cost of 34.17 ETH three years ago, resulting in a substantial loss. The proceeds from the sale are used to support his ETH long position on Hyperliquid, which is about 2,800 ETH, valued at approximately $5.3 million, with a liquidation price close to $1,863. Huang has previously sold NFTs multiple times to add leverage to his ETH trading funds, indicating that he is converting illiquid NFT assets into ETH for margin management. Past trading records show that such high-leverage operations have already resulted in millions of dollars in losses, and this latest NFT sale reflects his continued effort to maintain a long exposure by disposing of other crypto assets.
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