Machi sells Bored Ape 5670 for 9 ETH, continues to supplement ETH long position margin
Machi sells BAYC 5670 to supplement ETH long position margin
Machi sold Bored Ape 5670, which he bought for 85 ETH five years ago, for 9 ETH, continuing to supplement his ETH long position margin.
This transaction corresponds to a loss of approximately 76 ETH, and he currently holds 3,450 ETH in long positions, valued at about $6.44 million, with a liquidation price of $1,839.37.
The sale of the ape for margin indicates that funds are flowing from NFT collectibles to leveraged positions, with buying pressure concentrated on continuing ETH long positions, while the pressure comes from high-priced NFTs that have already been liquidated; this behavior is typical of position prolongation.
Source: Public information
ABAB AI Insight
This is not the first time Machi has done this; in the past, he has repeatedly sold Bored Apes to convert into ETH margin, indicating he treats NFTs as a usable financing pool rather than collectibles. Historically, his ETH long positions on Hyperliquid have also been repeatedly liquidated or reduced, reinforcing the fixed path of 'selling non-core assets to save high-leverage main positions.'
In terms of capital flow, an internal transfusion has formed between NFTs and ETH perpetual contracts: when the liquidity of spot or NFT assets is stronger, they are sold first to supplement contract margins, effectively converting low liquidity, narrative assets into high-leverage risk exposure. This path essentially re-leverages early Web3 wealth, continuing to bet on ETH beta.
A comparable historical case is high-net-worth traders in traditional markets selling art, real estate, or private equity stakes to supplement margins, but here the assets are more on-chain and more immediate. Currently, Machi is in a 'stop-loss-style increase' phase, characterized not by risk reduction, but by using old assets to extend the gamble.
Essentially, this is capital concentration: when a few high liquidity assets are continuously used to support a single directional position, the portfolio becomes increasingly one-sided; this occurs because after NFT liquidity declines, only ETH long positions can provide the 'recovery' imagination, leading to asset allocation being pressed into a single path.
ABAB News · Cognitive Laws
True liquidity always saves the main position first.
Once collectibles are liquidated, they are no longer collectibles.
Losses do not automatically stop-loss; they simply switch to another asset to continue.