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Whale Reduces ETH/BTC Position Amid Market Volatility
According to BlockBeats, on August 11, prominent ETH/BTC trader James Fickel has begun to reduce his position to mitigate losses. Over the past five hours, Fickel sold 10,000 ETH in exchange for 425.75 WBTC (worth $26 million) to repay loans and decrease his exposure to the ETH/BTC exchange rate.
Fickel had been borrowing WBTC from Aave since January to July this year, selling it to acquire ETH and increase his long position on the ETH/BTC exchange rate. His average cost for the ETH/BTC rate was around 0.054. Despite the recent partial reduction in his position, Fickel still holds a significant long position with 2,438.5 WBTC (valued at $148 million) in loans.
Fickel had been borrowing WBTC from Aave since January to July this year, selling it to acquire ETH and increase his long position on the ETH/BTC exchange rate. His average cost for the ETH/BTC rate was around 0.054. Despite the recent partial reduction in his position, Fickel still holds a significant long position with 2,438.5 WBTC (valued at $148 million) in loans.
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