On December 28th, COINOTAG News reported significant movements in the cryptocurrency market as on-chain data expert Yu Jin highlighted that prominent ETH/BTC bull, James Fickel, has liquidated his long position. In a strategic move, Fickel sold 6,429 ETH, valued at approximately $21.45 million, to acquire 227 WBTC, thereby addressing his outstanding WBTC liabilities. This decision culminated in a staggering total loss of $68.84 million from his year-long ETH/BTC investment, representing a divestiture of 20,632 ETH over the period.
Fickel’s trading activity included borrowing 2,987 WBTC from Aave in early 2023 at an interest rate of 0.054. He subsequently exchanged this for 55,315 ETH to capitalize on the ETH/BTC pairing. However, commencing in August, he opted to divest ETH to recoup his borrowed WBTC, finally purchasing back 2,987 WBTC for 75,947 ETH at a favorable rate of 0.0393 to fulfill his repayment obligations.