Jeffrey Huang May Have Lost Up to $3 Million Liquidating BLAST Position

IconCryptoNewsTerminal Staff29 Jul, 2024

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Jeffrey Huang May Have Lost Up to $3 Million Liquidating BLAST Position

Jeffrey Huang, a BAYC-affiliated NFT whale and famous Taiwanese singer, has reportedly sold off his entire BLAST position, leading to potential losses of up to $3 million. This follows his previous sale of his entire BLUR holdings, which resulted in a $3.16 million loss. According to NFT Analytics X account 'Cirrus' (@CirrusNFT), Huang, who once acquired 2% of the BLAST supply, liquidated his position over the past few days. The exact amount of his losses is not known, but it is estimated to be in the millions. Huang's liquidation of his BLAST position comes as the NFT market continues to face challenges. The value of many NFTs has declined in recent months, and trading volume has also fallen. It is unclear what factors led Huang to sell off his positions, but it is possible that he was simply taking profits or trying to reduce his exposure to the NFT market. Huang is not the only NFT whale to have liquidated their positions in recent months. In May, another well-known whale, known as the "King of NFTs," sold off a large portion of his collection, including many high-value NFTs. This suggests that even the most successful NFT investors are starting to take a more cautious approach to the market.

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