Nfts
A Bored Monkey Trader Who Bought 1% of the Supply in January Lost Nearly $2 Million
How much worse could things get? In mid-January, perhaps convinced that rock bottom had been reached, an anonymous NFT one trader swept over 100 Bored Monkeys Yacht Club NFT once collection dropped to astonishingly low prices not seen since 2021.
But in crypto – and these days, especially in NFTs – things can always get worse.
Since January, the entry price of Bored Ape NFTs has fallen further, leaving the unlucky trader with millions of dollars in losses, as spotted by a pseudonymous crypto trader and influencer. Cirrus during the weekend.
For a few weeks in mid-January, the Trader used the popular NFT marketplace Blur to purchase 111 of the cheapest Bored Apes available, a move commonly referred to as “sweeping the floor” of an NFT collection. In the following months, they purchased 12 more.
The monkeys were all purchased at prices between 22 and 25 Ethereum (ETH), which has stabilized – depending on fluctuations in the price of the cryptocurrency – at around $56,000 per NFT on average.
Although hindsight tells a different story, it makes sense that this price might have seemed like a bargain. At their peak, when Bored Ape NFTs were touted by celebrities, talk show hostsAnd small enterprises even in early 2022, you couldn’t get your hands on one for less than $429,000 at one point. Monkeys who get bored regularly sold for millions of dollars each.
But the crypto bear market that began in 2022 has robbed BAYC of its untouchable star power. While some of the pioneering brands in the NFT ecosystem have managed to weather the storm, several CryptoPunks sold for more that 12 million dollars each since March, for example – the Bored Apes have continued to crater.
At the time of writing, BAYC’s floor price – in fact, the lowest price of all NFTs in the collection – is hovering around 13 ETH, or $41,000, according to CoinGecko.
This means that the anonymous trader’s brave Bored Ape bet has already suffered unrealized losses worth over $1.85 million. They sold a handful of monkeys, but still have 107.
It’s unclear if this stat will improve if they continue to hold out. Since Bored Apes started falling in May 2022, the same week the crypto market collapsed after the historic collapse of UST and LUNAthey continually lost value – and never significantly regained it.
Edited by Andrew Hayward