James Fickel, founder of Amaranth and known for his bullish stance on the ETH/BTC trading pair, has again made significant swaps of ETH for WBTC.
ETH to WBTC Swap
Fickel swapped another 5,000 ETH, valued at $11.3 million, for 204.8 WBTC at a 0.041 ETH/BTC rate over the past six days. Earlier actions on August 11 included swapping 10,000 ETH ($26.1M) for 425.8 WBTC to repay a loan on Aave.
Strategic Changes
Fickel, having ceased increasing his long positions since August 11, swapped 15,000 ETH ($37.4M) and 12M USDC for 841.7 WBTC ($49.4M) to settle debts. Currently, he holds 55.506K ETH in token holdings but still has 2,236 WBTC, valued at $130 million, borrowed. Following the launch of the Bitcoin ETF in January 2024, he borrowed 3,061 WBTC from Aave and swapped it for 56,445 ETH at a 0.05424 rate. With the current ETH/BTC rate at 0.043, he faces an estimated total loss of $38.5 million.
Market Analysis
In related ETF news, US Bitcoin ETFs saw a net inflow of $39 million on September 12, while ETH ETFs registered a net outflow of $20 million. Grayscale’s ETHE fund accounted for the bulk of the outflows with $20 million in withdrawals. Currently, Ethereum is trading at $2,348, reflecting a 0.81% decline. Trading volume has decreased by 27.69% in the past 24 hours. Fickel’s strategic moves continue to capture attention as he navigates the volatile ETH/BTC market and adjusts his positions accordingly.
James Fickel's actions will be closely watched by market participants, given his recent strategic changes and current losses.
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