Recent data from the analytics platform Lookonchain reveals that cryptocurrency millionaire James Fickel has lost a staggering $49 million by betting on the second-largest cryptocurrency, Ethereum (ETH).
Losses in Ethereum
James Fickel recently exchanged 11,584 ETH for 450 WBTC at 0.03881. Currently, he possesses a debt of 1,308.8 WBTC (approximately $78.8 million) on the decentralized lending platform Aave. Earlier this year, Fickel borrowed $172 million worth of WBTC to exchange for Ether at a rate of 0.054. However, the trade ended disastrously, forcing Fickel to sell a significant portion of his Ethereum at a loss.
New Deals with WBTC
On Tuesday, the trader once again exchanged 11,584 ETH for 450 WBTC. Fickel's debt obligations on the Aave platform remain substantial, complicating his financial situation.
ETH/BTC Market Dynamics
The ETH/BTC pair recently slipped below the 0.04 BTC level for the first time in over three years. Notably, since the Ethereum network transitioned from proof-of-work to proof-of-stake, ETH has lost more than half of its value compared to Bitcoin. In September, the pair hit a year-to-date low of 0.038 BTC. Back in May, Ethereum briefly gained ground with the ETH/BTC ratio surging to 0.057 due to the unexpected approval of several spot Ethereum ETF products. However, this momentum was short-lived, and the much-anticipated products ended up being a flop.
Currently, the ETH/BTC pair is sitting at 0.038 BTC on the Binance exchange. The market remains volatile, and the future developments are hard to predict.
Comments