Machi sells 31 BAYC at a loss within a week; the 231 ETH proceeds were all lost in trades, leaving him with only 75 afterward
On-chain data platform Lookonchain monitoring shows that well-known crypto trader Machi (@machibigbrother, Huang Licheng/Jeffrey Huang) sold 31 Bored Ape Yacht Club (BAYC) NFTs at a loss over the past week, receiving a total of 231 ETH (about $506,000). Lookonchain said these funds were then all lost in leveraged trading. The number of BAYC he holds has now fallen to 75.
In a post on November 11, 2026, Lookonchain pointed out that Machi is continuing to sell Bored Apes to fund leveraged long positions. The account had previously appeared multiple times in records of highly leveraged ETH long trades and liquidations on platforms such as Hyperliquid.
Original source:
Title: Machi(@machibigbrother) is dumping his Bored Apes to fund leveraged long positions! Publisher: Lookonchain (@lookonchain) Publication date: 2026-11-11 URL: https://x.com/lookonchain/status/2120392170897334447 Nature of source: Public post from an on-chain data analysis account Verification status: The full original post was actually read for this report, verification date 2026-11-11; no access restrictions Supporting content: Supports that 31 BAYC were sold over the past week for 231 ETH ($506K), the funds were all lost in trades, and 75 BAYC remain currently
ABAB AI Insight
Machi (Machi) is Huang Licheng (Jeffrey Huang), who has long held a large amount of BAYC and was once one of the series’ largest holders. Lookonchain has repeatedly recorded him selling NFTs such as BAYC and MAYC at prices significantly below their purchase cost, using the proceeds to add to leveraged perpetual contract positions on platforms such as Hyperliquid, especially ETH longs.
This sale of 31 NFTs took place against the backdrop of a weak NFT market, with the BAYC floor price far below its 2021-2022 highs. Lookonchain did not disclose the specific purchase cost for any single item, but clearly labeled the sales as “at a loss.” The statement that the funds were “all lost” points to his leveraged trading account being liquidated again or his losses being reduced to zero, consistent with his previous high-frequency liquidation pattern.
The current remaining 75 NFTs are still a large holding, but they have fallen sharply from the nearly 200 he publicly held in mid-2026. This kind of behavior of “selling NFTs to top up margin” is not uncommon among crypto traders, but continuing to dump blue-chip NFTs at a loss to maintain highly leveraged positions reflects a combination of liquidity pressure and risk appetite.
ABAB News · Law of cognition
An on-chain monitoring account’s “sold at a loss” means the actual sale price was below the historical purchase cost, and does not mean the market fair value itself was a loss.
The NFT sale proceeds being entirely used up in trading and then reduced to zero refers to the outcome of the individual’s leveraged trading, and does not mean the NFT itself became worthless.
The position shrinking from its peak to 75 NFTs reflects a continued reduction rather than a one-time full liquidation.