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Amarnath Founder James Fickel Swaps $11M in ETH for WBTC

source-logo  thenewscrypto.com 13 September 2024 08:26, UTC
  • James Fickel reduces ETH/BTC exposure, swaps 5K ETH for WBTC.
  • Fickel faces $38.5M loss after aggressive ETH/BTC trades.

James Fickel, founder of Amarnath and known for his bullish stance on the ETH/BTC trading pair, has 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. This move follows his earlier actions on August 11, when he swapped 10,000 ETH ($26.1M) for 425.8 WBTC to repay a loan on Aave.

Fickel, once an ETH/BTC permabull, stopped increasing his long positions since August 11, having 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.

Meanwhile, Fickel’s enthusiasm for ETH/BTC trading surged after the launch of the Bitcoin ETF on January 10, 2024, which led him to borrow 3,061 WBTC from Aave and swap it for 56,445 ETH at a rate of 0.05424. However, with the current ETH/BTC rate at 0.043, he faces an estimated total loss of $38.5 million.

James Token Swap Chart, Source: SpotOnChain

Analyzing the Market

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, marking the second consecutive day of negative flow for Ethereum products. Grayscale’s ETHE fund accounted for the bulk of the outflows, with $20 million in withdrawals.

Moreover, currently, Ethereum is trading at $2,348, reflecting a 0.81% decline. Trading volume has also 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. His next steps will be closely watched by market participants.

thenewscrypto.com