Ethereum Whale Machi Big Brother Sells Bored Apes to Cut Exposure

A Ethereum whale known as Machi Big Brother has been reducing their exposure to the cryptocurrency by selling off some of their Bored Apes. According to data from Lookonchain, the whale's ETH long position has shrunk by more than half since July 14, from 5,264 ETH to 2,500 ETH.

The liquidation price for Machi Big Brother's position has also risen, reaching $1,859.15 on August 14, just $22.50 away from the account's liquidation line. The whale has been selling off their Bored Apes at a loss in an effort to reduce their exposure and cover some of their losses.

The sales include Bored Ape #251 sold for a 6.99 ETH loss on July 14, Bored Ape #5670 sold for 9 ETH after being purchased for 84.99 ETH on August 5, resulting in an 89.4% loss in ETH terms, and Bored Ape #5715 sold for 8.3 ETH after being purchased for 34.17 ETH on August 13, resulting in a 25.87 ETH loss.

The data suggests that Machi Big Brother's risk did not follow the NFT sales in a simple line, with the liquidation price rising as the long shrank through August 13, and then moving slightly lower as another 300 ETH disappeared from the position by August 14.