On August 4, 2026, according to AiCoin data, the Ethereum spot ETF recorded a net inflow of approximately $53.74 million to $53.75 million in a single day, with new exposure steadily accumulating in this sector considered "traditional capital compliance entering the ETH channel." Almost at the same time, "Brother Majesty" Huang Licheng sold BAYC #5670, which he had held for about 5 years, for 9 ETH. Compared to the original purchase cost of 85 ETH, this sale incurred a loss of approximately 76 ETH, with a loss rate of about 89.4%, equivalent to about $142,000; on-chain monitoring agency Lookonchain pointed out that he would continue to use the proceeds from this sale to support his long position of about 3,450 ETH, but this position currently only has support from a single source, which needs further verification. On one side is the daily net inflow of tens of millions of dollars into the ETF products, while on the other side, a leading asset that once represented blue-chip NFT glory is sold at a significant loss and exchanged for ETH longs. This contrast reveals the judgment that "market preference is shifting from blue-chip NFTs towards ETH allocation," although it remains based more on limited samples and periodic data observations, rather than a widely accepted unified consensus.
ETF Net Inflow of $53.75 Million in One Day: Wall Street Is Betting on ETH
Bringing back the adjustments of individual large holders to the institutional side, on August 4, 2026, the Ethereum spot ETF data provided another set of more "systematic" coordinates. According to multiple monitoring sources, on that day, all Ethereum spot ETFs had a total net inflow of approximately $53.74 million to $53.75 million, with BlackRock's ETHA alone recording a net inflow of about $42.45 million to $42.46 million, dominating the day's incremental inflow. Among other products, Fidelity's FETH had about $9.34 million, Bitwise's ETHW about $1.34 million, and Morgan Stanley's MSSE about $610,000, which together still failed to shake ETHA's position as the leading product. This pattern of "head concentration and long tail dispersion" reflects that institutions prefer to place their main bets on a few ETFs with outstanding liquidity and brand advantages when opening ETH exposure.
Since the approval and listing of the Ethereum spot ETF, this batch of products has continued to record net inflows, seen by the market as a compliant investment channel for traditional financial institutions to enter ETH. The net inflow of about $53.75 million on August 4 and the high concentration towards leading products such as ETHA and FETH indicate that after the institutional turning point of "the official launch of spot ETFs," traditional funds, which were previously limited by compliance frameworks and investment processes, are transforming their willingness to allocate to ETH into substantial exposure through standardized products. The shift from "no spot ETF" to "can hold ETH through spot ETFs" represents a marginal change in the asset allocation environment, and the daily net inflow of tens of millions of dollars on August 4 is a quantifiable manifestation of this marginal change being continuously utilized.
BAYC Cuts Losses of 89%: A Reflection of Blue-Chip NFTs Being Forced to Liquidate
According to on-chain tracking and historical records, Huang Licheng bought BAYC #5670 about 5 years ago at a cost of 85 ETH. This NFT holding was once seen as a signature asset for his status as a "blue-chip NFT large holder." Around August 5, 2026, he sold the same NFT on-chain for 9 ETH, having held the position for nearly 5 years, realizing a loss of 76 ETH in a single transaction. At current prices, this transaction corresponds to an absolute loss of about $142,000, with a loss rate of about 89.4%, almost wiping out all premiums from the high entry point in the previous year.
From a signaling perspective, this loss is not merely an individual investment mistake but a typical passive liquidation example following the overall price centrality drop of blue-chip PFP NFTs. BAYC was one of the most representative blue-chip assets during the NFT boom in 2021, but now, in an environment of significant price drop and notable cooling of transactions and interest, early high-holders are faced with the reality of "either long-term holding or realizing losses to exit." According to a single source, after selling BAYC #5670, Huang Licheng used the 9 ETH proceeds to continue supporting his ETH long position. This shift from NFT holdings to ETH exposure under the background of Ethereum spot ETFs attracting compliant incremental funds reinforces a phenomenon currently being discussed: the forced liquidation of blue-chip NFT assets is marking a phase-end for the "star assets" of the old cycle on-chain.
From Monkey Avatars to ETH Longs: A Turnaround in Personal Positions
According to comprehensive on-chain monitoring and public opinion data, "Brother Majesty" currently holds a long position of about 3,450 ETH in off-exchange derivatives or leveraged trading scenarios, but this scale is only disclosed by a single source and has not been cross-verified by multiple data points. In contrast, he only recovered 9 ETH by selling BAYC #5670, which is not a large amount of funds relative to the nominal long volume of thousands of ETH, more resembling a "blood replenishment" action to alleviate margin pressure and extend position holding time. It is important to emphasize that there is currently no publicly available data confirmed by multiple sources regarding the nominal dollar value of this long position, specific risk parameters, liquidation price, and the platform relied upon, meaning that all deductions about the position's details should be regarded as preliminary judgments under incomplete information.
From a composite behavior perspective, this is a typical position reorganization of "cutting losses on NFTs and maintaining or leaning towards increasing ETH longs": using a PFP avatar bought 5 years ago for 85 ETH, now sold for 9 ETH, to hedge and serve a long position on-chain/off-exchange ETH that is significantly larger than the NFT asset itself. This direction, like the inflows into Ethereum spot ETFs, aligns with ETH longs. However, whether the long position of about 3,450 ETH or the narrative of "funds shifting from NFTs to ETH" is currently based only on a single address sample and limited monitoring data, more representing a symbolically significant individual case rather than a widely validated market consensus.
Collision of Compliant ETFs and NFT Winter: Rearrangement of Asset Preferences
According to AiCoin data, on August 4, 2026, the Ethereum spot ETF recorded a net inflow of about $53.75 million, with BlackRock's ETHA contributing approximately $42.46 million, while Fidelity's FETH, Bitwise's ETHW, and Morgan Stanley's MSSE also recorded net inflows in the millions. Meanwhile, blue-chip PFPs like BAYC continue to be in a long-term background of price centrality shift downwards and decreased trading volume. On one side, institutions continue to augment ETH exposure through compliant ETFs, while on the other, old NFT large holders like Huang Licheng endure an approximate 89.4% loss liquidation on BAYC #5670 and reinvest the proceeds into a long position of about 3,450 ETH (according to a single source). The differentiation in the fate of these two asset types is naturally juxtaposed within the same timeframe.
In this comparison, the saying that "the market prefers ETH that can be compliant custodial and can be layered with income strategies, rather than high-volatility collectible assets" is becoming prevalent, but what currently supports this assertion is primarily the macro data of net inflows into Ethereum spot ETFs, complemented by one or two visible on-chain large holder behavior samples. Whether interpreting Huang Licheng's position adjustment as "capital shifting from NFTs to ETH" or extrapolating to a broad rearrangement of asset preferences, there is still a lack of sufficient diverse samples and time series verification at this stage. A more reasonable position is that this is merely an early signal appearing during the overlapping period of ETF capital inflow and NFT winter; whether it will evolve into a stable consensus will still depend on further continuous verification of more on-chain and off-exchange data.
Three Clues: The Next Act in the ETH and NFT Game
At this current moment, a more reasonable approach is to break down the focus into three clues, continuing to track rather than drawing conclusions prematurely. First, the Ethereum spot ETF only recorded a single instance of approximately $53.74 million to $53.75 million in net inflow on August 4, with BlackRock’s ETHA contributing approximately $42.45 million to $42.46 million, while other products like FETH, ETHW, and MSSE only saw inflows in the million dollar range. What needs to be observed moving forward is whether this scale of net inflow can continue to repeat and whether more apparent differences in shares will emerge between different products, thereby shaping a new institutional preference landscape. Second, whether blue-chip NFTs represented by BAYC will see more similar high-loss sales or liquidations of long-term holders in future on-chain transactions still depends on upcoming market quotes and transaction records. Only when similar events are repeatedly verified across more addresses can a stronger judgment of "asset preference migration" be supported. Third, Huang Licheng's actions—selling BAYC #5670 and using proceeds to further support a long position of approximately 3,450 ETH (according to a single source)—along with his subsequent adjustments to ETH exposure and NFT holdings' rhythm, represent a significant emotional sample. If such large holders increasingly switch positions between ETH and NFTs in the future, it could validate the observation that "ETH, as an underlying asset supporting DeFi, NFTs, L2 while layered with ETF channels, is being repriced relative to NFTs," transforming this individual story into a more reliable market signal.
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