Jeffrey Huang Sells BAYC NFT at Loss to Sustain ETH Long Position

BitcoinWorld Jeffrey Huang Sells BAYC NFT at Loss to Sustain ETH Long Position Taiwanese singer and NFT collector Jeffrey Huang, known online as Machi Big Brother, has sold Bored Ape Yacht Club (BAYC) NFT #5717 for 8.3 ETH (approximately $15,600), according to blockchain analytics firm Lookonchain.

Huang originally acquired the NFT three years ago for 34.17 ETH, marking a significant loss on the asset. The sale appears to be part of a broader strategy to maintain his existing long position on Ethereum, as on-chain data suggests his available capital is running low.

Details of the Sale and On-Chain Movements Lookonchain reported that the proceeds from the BAYC sale were likely used to fund Huang’s ETH long position. The analytics firm also noted that Huang recently withdrew 1,540 USDC from Binance, further indicating a need for liquidity.

Currently, Huang holds a 2,800 ETH long position, valued at approximately $5.3 million, with a liquidation price of $1,863.08. This means that if Ethereum’s price falls to that level, his position could be automatically liquidated, potentially leading to significant losses.