💥 Crypto Millionaire LOSES $43M in $ETH!
Crypto mogul James Fickel, who once made millions as an early Ethereum investor, just faced a $43 million loss in a bet that backfired—big time. Fickel’s strategy? Borrow $172M in Wrapped Bitcoin (WBTC) on Aave, expecting Ether (ETH) to outshine Bitcoin (BTC). But the market had other plans.
Since January, Ether has underperformed against Bitcoin by more than 24%, leaving Fickel with $123M in debt on Aave as of Sept. 14. His tactic of shorting Bitcoin by swapping for Ether has pushed his losses into the tens of millions.
Fickel’s misstep highlights the risks of leveraged crypto bets. He once made waves by buying $400K in ETH at just $0.80, but this latest move shows the high stakes of trying to outguess the market. Adding to the mix, Ether ETFs are facing outflows, with Grayscale’s Ether ETF bleeding over $2.7B. Ether’s underperformance this year has only exacerbated the situation, with ETFs recording $581M in outflows since their July debut.
For Fickel, it’s a stark reminder: even the most seasoned investors can get burned when the market moves against them. Remember: Always DYOR and only invest what you can afford to lose! You see how the violation of these 2 key rules can backfire!
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