Bored Ape whales cash out $10 million using Blur liquidity

Bored Ape Yacht Club NFT holders who run research and trading firm Degenz Finance cashed out to the tune of more than 6,000 ETH, or $10 million, on Wednesday, capitalizing on the increased liquidity afforded by NFT marketplace Blur. 

BAYC was the top collection for volume as a result, with half of that coming from just two traders, according to an update posted on the Degenz website today.

"It was a tough and emotional decision, and certainly in no way a reflection or view on Yuga Labs which we remain bullish on, holding Otherside, Mutants, Sewer Passes, $APE and also being angel investors," a note on the website reads. "The liquidity provided by Blur is insane at the moment."

"We've always asked ourselves, how will we ever monetise this position without greatly impacting the market," they added.

On Monday, NFT twitchers watched as the 71 BAYC NFTs were listed on Blur for around 5,545 ETH. The floor price currently sits at 77.4 ETH.