Lookonchain said the NFT was bought for 85 ETH five years ago, with proceeds later used to add support to an ETH long position now worth $6.44 million.
Machi sold Bored Ape 5670 for 9 ETH, crystallizing a loss of 76 ETH, or about $142,000, after buying the NFT for 85 ETH five years ago, according to Lookonchain. The on-chain tracker said the sale represented an 89.4% loss, underscoring how far prices in some blue-chip NFTs have fallen from earlier cycle highs. Lookonchain added that Machi then used the sale proceeds to continue supporting an ETH long position. The position currently stands at 3,450 ETH, valued at $6.44 million, with a liquidation price of $1,839.37.