One of the most famous names in NFT collecting has gone on a selling spree, unloading more than 60 digital collectibles and sitting on an estimated loss of 2.35 million USD in the process, according to Cryptonews.net. If you own NFTs, that matters — because when a collector this big starts dumping, the prices everyone else sees tend to move down too.
By Jordan Lee | October 29, 2026
The trader at the center of the story is Jeffrey Huang, better known in crypto circles as “Machi Big Brother.” For years, he has been one of the loudest and largest buyers in the NFT market — the kind of collector whose purchases could push the price of a whole collection higher within hours. Now, according to Cryptonews.net reporting from October 28, on-chain records show the opposite: a wave of sales that has passed the 60-item mark, with the trader’s cumulative losses on those positions estimated at 2.35 million USD. What does that mean for your own portfolio? In short: the market just got a reminder that even the biggest whales are willing to take the exit.
The Selling Spree Everyone Can Watch
Here is the unusual part about NFTs compared with almost any other collectible market: you can watch a whale sell in real time. Every transfer is recorded on a public blockchain — think of it as a receipt book that anyone can open at any moment. That is how outlets like Cryptonews.net were able to count the sales as they crossed 60 items.
- More than 60 NFTs sold — the count comes from public blockchain records cited by Cryptonews.net.
- 2.35 million USD estimated loss — the hit the trader has taken across those positions, according to the same report.
- Selling into weakness — the sales come while the broader crypto market is under pressure, with Bitcoin hovering near 80,979 USD and Ether, the currency most NFTs are priced in, near 2,350 USD.
When a seller this large hits the market, there is a simple mechanical effect. An NFT collection’s “floor price” — the cheapest listing available — is set by the lowest seller. A whale dumping dozens of items often undercuts everyone, dragging that floor lower. If you have ever watched one neighbor sell their house in a panic and suddenly the whole street’s valuations look weaker, you already understand the dynamic.
Why a Whale Exit Hits Everyday Collectors
Most NFT buyers are not whales. They own one, three, maybe ten pieces. But the market structure means big holders have outsized power over prices. Collections often have thin liquidity — that is, not many buyers standing around at any given moment. When dozens of items hit the market at once, there may simply not be enough demand to absorb them without prices falling.
There is also a signal effect. Casual investors watch famous wallets the way sports fans watch star players. A well-known collector selling everything reads as a vote of no confidence, even if the reasons are personal — taxes, cash needs, or simple fatigue. That sentiment can cool bidding across the whole sector, not just the collections being sold.
The Core Conflict: Conviction or Capitulation?
The bull case for NFTs has always rested on conviction — the belief that digital ownership of art, collectibles, and game items is a lasting category. The bear case is that the 2021-era boom was a speculative mania, and that prices still have a long way to fall before they reflect genuine demand. A loss of 2.35 million USD taken voluntarily by one of the market’s most famous optimists is, at minimum, an uncomfortable data point for the bull case.
On the other hand, whale selling is not always a prophecy. Markets routinely see large holders exit near bottoms as well as tops. The honest answer is that nobody — including the whale — knows whether this selling marks the end of a decline or the middle of one. Anyone claiming certainty is guessing.
Market Implications for Your Portfolio
For everyday collectors, the practical takeaway is about risk management, not prediction. NFTs remain one of the least liquid corners of crypto. In a fast market, you can sell Bitcoin in seconds; a single NFT can sit unsold for weeks even after steep price cuts. That means NFT holdings should be money you can afford to leave in place — and potentially lose — through a full cycle.
- Floor prices can gap down fast when large holders sell — do not treat today’s floor as a guaranteed exit price.
- Royalties and hype do not pay bills — a collection’s value ultimately depends on real demand, not on famous buyers.
- Diversification matters — a portfolio that is 100 percent NFTs carries far more risk than one spread across assets.
The Verdict
A famous trader selling more than 60 NFTs at a multimillion-dollar loss is a story about one person’s decisions — but it is also a stress test for the whole market. If prices hold up reasonably well despite the selling, that is a sign of underlying demand. If floors collapse, it tells you the buyers were thinner than the hype suggested. Watch the reaction, not just the sale. And whatever you do, do not copy a whale’s exit — or his entry — without doing your own homework.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
60 items dumped and a 2.35M loss, machi really said exit liquidity is a lifestyle lol. floors on the stuff he held are gonna feel this for weeks
Huang was called a top buyer for years and people treated his bids like a signal. Maybe stop copying a guy whose whole strategy is averaging into JPEGs at any price
@Denisa agree, but 2.35M across 60 pieces is like 39k average entry. thats not even whale tier anymore for the 2021 stuff he was buying, its just the market repricing
60 NFTs dumped at a 2.35M loss and people still tell me floor prices are disconnected from whales. this is literally the mechanism
Machi was always loud about his bags, quiet about his exits. anyone who followed his buys into BAYC-adjacent stuff in 2022 knows how this ends
Ether near 2,350 makes it worse. most collections are priced in ETH, so the USD loss is partly just the denominator collapsing
The floor is set by the lowest seller, as the article says. When the lowest seller is Machi, your collection has a new floor whether you like it or not.
rip to anyone who bought his floor listings thinking it was absorption lol
Honestly a useful signal. Smart money has been rotating out of profile-picture collections all year. This is just the loudest exit so far.
rotation implies somewhere better to go. most of that pfp money just left for good, you can see it in the volumes and not only the floors
watched the wallet dump past 60 pieces live. what got me was the pace, three or four an hour at one point. thats not rebalancing, thats a fire exit