James Fickel Swaps 1,000 WETH for WBTC! 🚨
James Fickel, founder of the Amaranth Foundation, has swapped 1,000 WETH for 40.05 WBTC ($2.33M) at an ETH/BTC exchange rate of 0.04 just 12 hours ago.
Address: 0xd85351181b3f264ee0fdfa94518464d7c3defada
Noteworthy history:
Fickel, once an ETH/BTC permabull following the launch of the Bitcoin ETF on January 10, 2024, had previously borrowed 3,061 WBTC from Aave to exchange for 56,445 ETH at a rate of 0.05424.
However, with ETH/BTC declining, he stopped going long as of August 11.
Since then, he has swapped 15,000 WETH ($37.4M) and 12M USDC back into 841.7 WBTC ($49.4M) at an average price of $58,659 to repay his loan. Fickel still holds a loan of 2,236 WBTC ($130M).
With the ongoing ETH/BTC decline, other whales are also making similar moves by swapping ETH for WBTC—an important trend to follow!
