- James Fickel swapped another 6,500 ETH in exchange for 235.6 WBTC.
- The popular crypto millionaire further reduced ETH/BTC’s long position to repay his debt.
The popular crypto millionaire investor and founder, James Fickel further reduced his ETH/BTC long position today. He became popular among crypto investors in no time for losing a substantial amount of $43 million when ETH/BTC exchange rate declined earlier this year. What made the news intriguing was Jame Fickel’s borrowing of 2,987 WBTC from Aave to purchase ETH.
James Fickel (@jamesfickel) appears to be accelerating the reduction of his ETH/BTC long position!
— Spot On Chain (@spotonchain) October 26, 2024
8 hours ago, he swapped another 2,000 $ETH ($5.06M) for 74.75 $WBTC and deposited 20,000 $ETH ($50.6M) to #CoinbasePrime.
He still has 980.2 $WBTC ($65.4M) in debt on #Aave.… https://t.co/rftJT0vxFU pic.twitter.com/BU5HzuxAEU
As Bitcoin’s price decline exceeded that of Ether, James Fickel is taking this opportunity to reduce his ETH/BTC long position. According to on-chain analytics platform Spot On Chain, James Fickel swapped 6,500 ETH, worth around $22.4 million for 235.6 WBTC. Thus, the reduction of his ETH/BTC long position is to repay his debt to the Aave DeFi platform.
The Story Behind James Fickel’s Epic $43 Million Loss
James Fickel is one of the well-known crypto millionaires and investors, popular among the crypto community. He holds significant investments in Ether and other digital assets across DeFi platforms. When he was at the peak of his position in May this year, he borrowed 2,987 WBTC on Aave to purchase Ether.
However, the ETH/BTC exchange rate declined to a large extent, causing James to lose around $43 million. This marked one of the huge losses in the history of crypto trading by a successful crypto investor. Since then, James has been trying to repay his debt to Aave by gradually reducing his ETH/BTC long position.
So far, James sold a total of 59,500 ETH to repay his debt to Aave. As per Spot On Chain findings, he still needs to pay 575.29 WBTC worth around $54.2 million on Aave. At the current market price, James Fickel’s loss of 22K ETH is valued at around $74.3 million.
The loss of James Fickel drew attention across the industry and emphasized the risks associated with digital assets. No matter how experienced and successful investors you are, it is a must to take cautionary measures when exposed to digital asset investment. Nonetheless, James Fickel will soon recover from the loss with his investment strategies!
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