Famous Ethereum Investor Lost $43 Million Because of This Position

Crypto investor James Fickel lost approximately 18,000 ETH (approximately $43.7 million) by taking a long position in the BTC/ETH trading pair.

According to information shared by on-chain and analytics platform Lookonchain, Fickel borrowed 3,061 WBTC ($172 million) from the Aave platform between January 10 and July 1 and exchanged it for 56,445 Ethereum (ETH) at a rate of 0.05424.

How much Ethereum did he lose?

However, starting on August 7, Fickel spent 12 million USDC to buy 211 Wrapped Bitcoins (WBTC) and exchanged 16,000 ETH for 671 WBTC ($39.9 million). The rate during this process was 0.042. Fickel currently has $2,196 WBTC ($132 million) in debt on the Aave platform and is estimated to have lost a total of 18,000 ETH.

Ethereum, which has failed to perform as desired against Bitcoin since October of last year, has disappointed its investors.

According to CoinGecko data, Ethereum, which has increased by 3.1% in the last 24 hours, is trading at $2,420 at the time of writing.