Two BAYC whales sold 72 APES and caused 23% drop in price in just 6 hours

Two BAYC whales sold 72 BAYC NFTs for approximately 78 ETH each for a total of around $9 million.

This started a cascade of panic sellers and the price of apes dropped 23% in just 6 hours.

BAYC 23% dip in just 6 hours - Chart from OpenSea BAYC page

The owners announced their selling beforehand. Here's a full tweet:

After a lot of thinking, today we decided to utilise current NFT liquidity and take profits on our Apes + Mutants. We still own a lot of Yuga assets and continue to be bullish on what they are building. This team changed our lives. We paid full royalties. We will be back.

Followed by: Take liquidity when it is plentiful. Deploy it when it is sparse.

Source: https://twitter.com/rektmando/status/1628218393546354690 and https://twitter.com/rektmando/status/1628230494386003969

On average this dump on costs each Bored Ape holder around $20000 per ape

BAYC will likely recover but this is another blow on already wounded OpenSea. Competition is gettin heated :D