According to Odaily, on-chain analyst Yu Jin has reported that ETH/BTC bullish investor James Fickel has made substantial purchases in the past 12 hours. Fickel spent 11 million USDC to acquire 4,336 ETH and an additional 5 million USDC to buy 87.8 WBTC. Throughout January to July this year, Fickel consistently borrowed WBTC from Aave and converted it to ETH to leverage the ETH/BTC exchange rate.

Currently, Fickel has a loan of 2,987 WBTC, equivalent to $168.8 million, on Aave. All the borrowed WBTC has been exchanged for ETH. His ETH/BTC exchange rate stands at approximately 0.054.