Crypto trader James Fickel lost around 18,000 ETH (approximately $43.7 million) by taking a long position on the BTC/ETH trading pair.
According to information shared by on-chain and analytics platform Lookonchain, Fickel borrowed 3,061 WBTC ($172 million) from the Aave platform between January 10 and July 1 and exchanged it for 56,445 Ethereum (ETH) at a rate of 0.05424.
How much Ethereum did he lose?
However, starting on August 7, Fickel spent 12 million USDC to buy 211 Wrapped Bitcoins (WBTC) and traded 16,000 ETH for 671 WBTC ($39.9 million) to pay off his debt. The rate in the process was 0.042. Fickel currently owes $2,196 WBTC ($132 million) on the Aave platform and is estimated to have lost a total of 18,000 ETH.
Ethereum, which has failed to perform as well as it should against Bitcoin since October last year, has disappointed its investors.
According to CoinGecko data, Ethereum, which has increased by 3.1% in the last 24 hours, is traded at $2,420 at the time of writing.
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