James Fickle Cuts ETH/BTC Long Position
Amaranth Foundation founder James Fickle has initiated a drawdown of his ETH/BTC long position. In a significant move, Fickle swapped 10,000 ETH (valued at $26.08 million) for 425.755 WBTC (worth $61,255 per coin) over the past 15 hours. This action was primarily driven by the need to repay a loan taken out on Aave.
Fickle's decision is a notable shift from his previously bullish stance on the ETH/BTC trading pair. Following the launch of the Bitcoin ETF on January 10, 2024, he had aggressively increased his exposure to ETH/BTC, borrowing 3,061 WBTC from Aave to acquire 56,445 ETH at an exchange rate of 0.05424.
However, the current market conditions, with ETH/BTC trading at 0.043, have resulted in an estimated loss of $38.5 million on Fickle's remaining position. He still holds a substantial debt of 2,439 WBTC (worth approximately $149 million).
This development underscores the inherent risks associated with leveraged trading and the dynamic nature of the cryptocurrency market. As Fickle continues to navigate his position, the broader market will be watching closely to see how this unfolding story impacts ETH and BTC prices.
James's Address: 0xd85351181b3f264ee0fdfa94518464d7c3defada
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