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Machi Big Brother Takes a Massive Loss on BAYC!
The on-chain trackers are flashing red for one of the most famous NFT whales in the space. According to recent data from Lookonchain and Foresight News, Jeffrey Huang widely known as Machi Big Brother has just executed another painful capitulation trade.
The Trade Details:
The Sale: Machi Big Brother just sold Bored Ape Yacht Club (BAYC) #6801 for a mere 8.61 ETH.
The Original Purchase: He acquired this specific Ape three years ago for 23.5 ETH.
The Final Tally: This trade locks in a staggering 14.89 ETH loss (roughly $28,000 at current prices).
Why Sell at the Bottom?
This wasn't just a casual portfolio rebalancing. Machi has been aggressively trading highly leveraged Ethereum long positions on the on-chain derivatives platform Hyperliquid.
As the crypto market experienced recent downward volatility, Machi's ETH long positions faced severe liquidation pressure.
Instead of letting his positions get entirely wiped out, he has been forced to rapidly liquidate his illiquid "blue-chip" NFT assets like his precious Bored Apes at massive losses just to raise emergency funds to top up his margin and maintain his ETH longs.
This situation is a brutal reminder of the dangers of over-leveraging. When a trader uses illiquid assets (like NFTs) as an ultimate backstop for highly volatile, leveraged cryptocurrency trades, a sudden market dip can force them to sell their prized collectibles at the absolute worst possible time.