According to data provided by analytics platform Lookonchain, cryptocurrency millionaire James Fickel has already lost a staggering $49 million worth of Ethereum (ETH) by betting that the second-largest cryptocurrency would outperform.
Fickel recently exchanged 11,584 ETH for 450 WBTC at 0.03881 again on Tuesday, according to the analytics platform.
As of now, the trader still has 1,308.8 WBTC ($78.8 million) worth of debt on decentralized lending platform Aave.
It is worth mentioning that Fickel had borrowed a whopping $172 million worth of WBTC earlier this year in order to exchange this sum for Ether at a rate of 0.054.
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However, the trade ended up being a disaster, and Fickel was then forced to sell a big portion of his Ethereum (ETH) fortune at a loss.
As reported by U.Today, the ETH/BTC pair recently collapsed below the 0.04 BTC level for the first time in more than three years. In fact, the main Bitcoin rival has now lost more than half of its value since the Ethereum network switched from proof-of-work to proof-of-stake. Earlier this September, the ETH/BTC pair reached a year-to-date low of 0.038 BTC.
Ethereum managed some ground against its archrival back in May, with the ETH/BTC ratio surging to 0.057. This was due to the unexpected approval of several spot Ethereum ETF products.
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However, Ether failed to maintain its momentum, and the much-anticipated products ended up being a flop.
cumulative flows in ethereum etfs vs bitcoin etfs 😳 pic.twitter.com/dnx1Ih7q9c
— Alex Thorn (@intangiblecoins) September 9, 2024
At press time, the ETH/BTC pair is sitting at 0.038 BTC on the Binance exchange.
