Coinspeaker Crypto Trader Loses $58 Million as ETH/BTC Pair Hits Multi-Year Lows
With Ethereum price ETH $2 540 24h volatility: 0.4% Market cap: $305.80 B Vol. 24h: $17.66 B continuing to underperform, the ETH/BTC pair has hit a multi-year low with crypto traders losing millions on this bet. ETH price has continued to flirt around $2,500 levels failing to get enough catalyst for an upside move.
The latest data from Spot on Chain shows that crypto trader James Fickel is facing a significant loss of more than 23,000 ETH, having a value of $58 million, on his ETH/BTC long position. This is because this trading pair has hit the lowest levels since April 2021.
In the past two days, the ETH/BTC trading pair dropped to 0.037, while James Fickel adjusted his position by converting an additional 4,418 ETH (around $11.13 million) into 166 WBTC. This marks the second major cutdown of his trading position in just 37 days.
Currently, Fickel has an outstanding debt of 1,116.6 WBTC (approximately $75.5 million) on Aave and recently initiated a request to withdraw 4,731 ETH from Lido, indicating the likelihood of further swaps ahead.
James Fickel (@jamesfickel) is losing over 23K $ETH ($57.9M) on his ETH/BTC long position as the pair hits its lowest since April 2021!
Notably, after the rate fell to 0.037 over the last 2 days, James Fickel further swapped 4,418 $ETH ($11.13M) for 166 $WBTC, reducing his… https://t.co/qShcXm4wgr pic.twitter.com/LqQbwHuQ7g
— Spot On Chain (@spotonchain) October 25, 2024
Furthermore, crypto market analysts believe that the ETH price correction might not be entirely over. In his recent analysis, crypto analyst Benjamin Cowen drew parallels from the ETH price movements from the back years of 2016. He said that back in that year, Ethereum saw significant drops in April, August, and December of 2016.
In 2024, Ethereum has seen similar declines in April and August, suggesting, according to Cowen, a “decent chance” of another drop by year’s end, potentially reaching a low in December.
Photo: TradingView
Ethereum Dominance Can Drop Further
Additionally, crypto analyst Benjamin Cowen also pointed out a substantial drop in Ethereum’s market dominance over the past year, falling from 18.85% to 13.36%. However, he stressed that identifying this trend early would have been beneficial as catching it now may leave investors at a disadvantage.
While narratives of “ETH is dead” may emerge, Cowen argues that this decline was anticipated. Should the downward trend persist, Cowen sees the next major support level for ETH dominance around 9-10%. He expects a potential rebound in 2025 but warns that further decline is possible in 2024.
Photo: TradingView
On the other hand, the inflows into spot Ethereum ETF have been disappointing since its launch in July. Unlike the Bitcoin ETFs, the Ether ETFs have failed to garner enough institutional interest with daily inflows turning almost nill.
An #Ethereum ICO participant just returned after 4 months of silence and deposited 3,000 $ETH ($7.63M) to #Kraken 23 minutes ago.
Currently, this whale holds 37,070 $ETH ($94.3M). The whale used to receive 254,908 $ETH (then $79K, now $648M) at the Genesis block in July 2015, at… pic.twitter.com/uU5u8Ro8w3
— Spot On Chain (@spotonchain) October 24, 2024
Furthermore, Ethereum ICO whales have been offloading their holdings at periodic intervals thereby hampering the market sentiment. Yesterday, an Ethereum ICO participant deposited nearly $8 million worth of ETH to the crypto exchange Kraken, waking up after four odd months.
next
Crypto Trader Loses $58 Million as ETH/BTC Pair Hits Multi-Year Lows
