The famous ETH/BTC long trader James Fickel has continued to reduce his ETH/BTC long position over the past 30 hours: selling 10,000 ETH ($33.57M) in exchange for 348.3 WBTC to pay down his position.

This previously largest ETH/BTC long position on-chain is now almost cleared: only 227 WBTC ($21.76M) of debt remains, and with one or two more sales, he can completely close the position.

Currently, it is estimated that his losses on the ETH/BTC long position are close to $70 million (20,665 ETH) 😱:

◎ He borrowed 2,987 WBTC at a rate of $0.054 through Aave in the first half of the year, selling it for 55,315 ETH to go long on ETH/BTC;

◎ Since August, he has been gradually selling ETH to buy back WBTC for repayment, having already spent 69,518 ETH to buy back 2,760 WBTC at a rate of $0.0397.

◎ Now there is still a debt of 227 WBTC, and at the current rate of 0.035, he needs to sell 6,461 ETH to repay the debt.

Address: 0xd85351181b3f264ee0fdfa94518464d7c3defada