Machi cashes out multiple Bored Apes at a loss of 399 ETH, raises funds to go long on ETH but gets liquidated multiple times

CoinFeed June 28 news, according to Lookonchain monitoring, Machi (Huang Licheng) is selling Bored Apes at a loss to raise funds to go long on ETH on Hyperliquid. In the past month, Machi sold 34 Bored Apes for a total of 326 ETH (about $514,000), with a loss of 399 ETH (about $631,000). Machi's biggest loss was on Bored Ape #6057, which he bought four years ago for 76.84 ETH and sold for only 7.65 ETH, a loss of up to 90%. Meanwhile, Machi has been forcibly liquidated multiple times on Hyperliquid.