Machi Big Brother Sells Bored Ape at Loss as 25x ETH Long Nears Liquidation

Jeffrey Huang, the crypto trader known as Machi Big Brother, sold a Bored Ape NFT at a steep loss to help maintain a $5.3 million leveraged long position in Ethereum, according to a blockchain analytics platform.

Huang sold Bored Ape Yacht Club NFT #5715 for 8.3 ETH, worth about $15,570, after buying it for 34.17 ETH three years ago. The sale came as he kept open a 2,800 ETH long position using 25x leverage.

The position was entered at $1,898.23 and faces liquidation at $1,863.08. With Ethereum trading at $1,891.80, Huang was sitting on an unrealized loss of $18,027.

His other recent funding activity included a withdrawal of just 1,540 USDC from Binance, according to the blockchain analytics platform.

Source: Lookonchain