James Fickel Continues ETH to WBTC Swap Amid ETH/BTC Decline

In a major move, James Fickel, founder of Amaranth Foundation, just exchanged 11,584 ETH for 449.55 WBTC ($27.4M) within the past 7 hours as the ETH/BTC rate keeps sliding down.
Address: 0xd85351181b3f264ee0fdfa94518464d7c3defada

📉 A Turn from Permabull to Conservative
Once a prominent ETH/BTC permabull, Fickel went long on ETH after the launch of the Bitcoin ETF on January 10, 2024, borrowing 3,061 WBTC from Aave to exchange for 56,445 ETH at a rate of 0.05424.

However, with the ETH/BTC rate plummeting, Fickel stopped his bullish stance on August 11, exchanging:
12M USDC for 211.18 WBTC38,735 ETH for 1,558 WBTC ($93.3M) at a rate of 0.0402 to repay his loan on Aave.

⚠️ Current Holdings and Losses
Fickel still has 1,308.8 WBTC ($78.8M) borrowed. At the current ETH/BTC rate of 0.03865, his overall strategy appears to have resulted in a significant loss:
Lost: ~ 21,177 ETH (~$49.2M)

It seems that Fickel’s once-bullish strategy on the ETH/BTC pair has backfired, with the sharp rate drop forcing significant losses. Keep an eye on his next moves as the market fluctuates!

#JamesFickel #loss $ETH

#JamesFickel is not feeling the $ETH love anymore! 💔

The Amaranth Foundation founder has just sold another 3,550 WETH for 137.754 WBTC. That's an ETH/BTC exchange rate of 0.0388, which is the lowest it's been since April 2021! 📉

This ex-ETH/BTC permabull has now exchanged a total of 11,150 ETH ($26.1 million) back to WBTC in the past 9 hours. 🔄

Overall, since August 7, Fickel has exchanged:
▶️ 12 million USDC for 211.18 $WBTC
▶️ 27,150 ETH for 1,108 #WBTC

That's a total of $65.9 million worth of ETH and USDC swapped for WBTC! 💰

Current debt: 1,758 WBTC ($102.5 million). 💸 Is Fickel losing faith in ETH? 🤔 Or is he just playing the arbitrage game? Let's see how this story unfolds! 🍿 DYOR! #WhaleAlert

Source: SpotOnChain

James Fickel's Strategic Move: Leveraging $WBTC to Go Long on $ETH
Renowned trader James Fickel, known for his insightful market maneuvers, is once again making waves in the crypto space. This time, he's leveraging a borrowing strategy with WBTC to position himself favorably in the ETH/BTC trading pair.
Since the launch of the #Bitcoin ETF on January 10, James Fickel has borrowed a substantial sum of 2,031 WBTC from AAVE, amounting to approximately $103 million. Utilizing this borrowed capital, he has exchanged it for 36,677 ETH at a rate of 0.05539.
This strategic move underscores Fickel's confidence in Ethereum's potential against Bitcoin. By going long on the ETH/BTC trading pair, he aims to capitalize on Ethereum's performance relative to Bitcoin, anticipating significant gains as the market dynamics unfold.
As #JamesFickel continues to navigate the crypto landscape with precision and foresight, his latest move exemplifies his strategic approach to maximizing returns in a dynamic market environment.
Address : 👇
0xd85351181b3F264ee0FDFa94518464d7c3DefaDa

James Fickel: From $ETH Bull to $BTC Bear? 🔄

Looks like James Fickel, the founder of Amaranth Foundation, is changing his tune on ETH/BTC! 🎶 After going all-in on #ETH when the Bitcoin ETF launched, he's now been swapping ETH for #BTC to repay his loan on Aave. 🤐🥀

Is this a sign that he's lost faith in ETH, 🙊 or is he just adjusting his portfolio? 🤔

Let us know your thoughts! #Bitcoin #Aave #JamesFickel

Source: SpotOnChain