Machi Sells Another Bored Ape Amid Hyperliquid Liquidations
Machi Big Brother's struggling ETH long on Hyperliquid led to another liquidation, which prompted him to sell his Bored Ape Yacht Club NFT #6801 for 8.61 ETH. This sale crystallized a loss of 14.89 ETH, worth about $28,000 at the time of transaction. The sale price matched the floor near 8.61 ETH in the Bored Ape collection.
The recent sale is not an isolated incident; Machi has been reducing his Bored Ape collection while maintaining a leveraged ETH position through Hyperliquid. In early July, he sold three Bored Apes for 27.42 ETH after losing about 25 ETH on those sales. Over the preceding month, 34 Bored Apes were sold for 326 ETH, leaving a combined loss of roughly 73 ETH.
Despite these disposals, Machi remains BAYC's largest holder with 137 Bored Apes, representing approximately 1.37% of the 10,000-item collection. His decision to hold onto his NFTs while maintaining a leveraged position has contributed to repeated liquidations and capital erosion.