Investor sells BAYC NFTs to fund $1.48M Ether l... - Pluang
An investor known as "麻吉大哥" sold multiple Bored Ape Yacht Club NFTs to fund leveraged long positions in Ether valued at about $1.48 million.
The investor sold BAYC NFTs to support leveraged long positions in Ether valued at about $1.479 million.
He sold BAYC #32 for 12.5 ETH and continued selling other NFTs over five days to raise $223,000 for his trades.
Despite facing a $32,000 unrealized loss and liquidation on Nov. 6, he kept selling NFTs at a total loss of $505,000.
High-risk strategy
The investor's actions demonstrate a high-risk strategy of using NFT sales to maintain leveraged crypto positions amid market volatility.
This shows a high-risk strategy of using NFT sales to maintain leveraged crypto positions amid market volatility.
Market context
Ether (ETH), the second-largest cryptocurrency by market cap, surpassed the $2,150 price level on Binance, reaching $2,153 at 9:26 p.m. ET on November 8.
This marked a $3 increase from the price 15 minutes earlier, which was $2,146, indicating a positive short-term trend.
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