⭐⭐The Name That Supports Ethereum Against Bitcoin Loses $38.5 Million ⭐⭐

Amaranth Foundation founder James Fickel suffered a major loss due to his position in favor of Ethereum against Bitcoin.

According to TradingView data, the Ethereum/Bitcoin (ETH/BTC) trading pair has lost more than 17% in the last six months, falling to the level of 0.043. James Fickel began taking long positions in the ETH/BTC pair after the launch of spot Bitcoin ETFs in January.

Fickel borrowed 3,061 Wrapped Bitcoin (WBTC) from the Aave platform and exchanged them for 56,445 Ethereum. The ETH/BTC pair was at an average level of 0.05424 when these transactions were made. In May, before the U.S. Securities and Exchange Commission (SEC) announced its final decision on VanEck’s Ethereum ETF, Fickel used 390 WBTC and 26.1 million USDC to purchase 14,494 ETH for a total of $53.3 million. During these purchases, Fickel’s average cost per unit was $3,675.

However, over the past 24 hours, Ethereum has lost 4.1% to $2,551. Fickel began to reduce his ETH/BTC position over the weekend. He traded 10,000 ETH ($26.1 million) for 425.8 WBTC to pay off his debt on Aave. However, he still owes 2,439 WBTC. With the ETH/BTC pair falling to 0.043, Fickel is estimated to have lost around $38.5 million in total.

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