Jeffrey Huang sells BAYC NFT at loss to fund ETH long

Taiwanese singer Jeffrey Huang, also known as Machi Big Brother, sold BAYC NFT #5717 for 8.3 ETH ($15,600) after buying it for 34.17 ETH three years ago, according to Lookonchain. Lookonchain said the proceeds were likely used to maintain Huang’s ETH long position and added that much of Huang’s available capital appears to have been depleted, noting that Huang recently withdrew 1,540 USDC from Binance. Huang currently holds a 2,800 ETH ($5.3 million) long position with a liquidation price of $1,863.08.