How much worse could things get? In mid-January, perhaps convinced that the bottom was in, an anonymous NFT trader swept up over 100 Bored Ape Yacht Club NFTs once the collection plummeted to startlingly low prices not seen since 2021. But in crypto—and these days, especially in NFTs—things can always get worse. Since January, the entry-level price for Bored Ape NFTs has nosedived even further, leaving the unlucky trader with millions of dollars in losses, as spotted by pseudonymous crypto trader and influencer Cirrus over the weekend.Over the course of a few weeks in mid-January, the Guy who tried to time the bottom of BAYC 4 months ago by sweeping more than 1% of the supply when they broke below 25E is now down ~1,400E ($4,300,000) pic.twitter.com/NWvql2sJS7— Cirrus (@CirrusNFT) May 19, 2024The Apes were all purchased for prices between 22 and 25 Ethereum (ETH), which evened out—based on fluctuations in the cryptocurrency’s price—to roughly $56,000 per NFT on average. Though hindsight tells a different story, it makes sense why that price tag may have seemed like a steal. In their heyday, when Bored Ape NFTs were touted by But the crypto bear market that kicked off in 2022 zapped BAYC of its untouchable star power. While a few of the NFT ecosystem’s pioneering brands have managed to weather the storm—multiple CryptoPunks have sold for At writing, the floor price for BAYC—effectively, the lowest price for any NFT in the collection—hovers around 13 ETH, or $41,000, according to That means that the anonymous trader’s gutsy Bored Ape gambit has already incurred over $1.85 million worth of unrealized losses. They’ve sold a handful of the Apes, but still own 107 of them. It’s unclear whether that statistic will improve if they continue to hold on. Ever since Bored Apes began slipping in May 2022, the same week that the crypto market unraveled after the historic collapse of Edited by Andrew Hayward
