Bullish on the ETH/BTC exchange rate, James Fickel sold 6500 ETH for 235.6 WBTC two hours ago to repay and reduce his position
According to on-chain analyst Yu Jing, renowned ETH/BTC bull James Fickel continued to reduce his long position in the ETH/BTC exchange rate 2 hours ago: he sold 6500 ETH (22.24 million USD) and converted it into 235.6 WBTC for repayment and reduction of his position.
◎At its peak at the end of May, James Fickel's long position in the ETH/BTC exchange rate saw him borrowing as many as 2,987 WBTC (204.7 million USD) from Aave, which he then used to buy ETH at an average exchange rate of 0.054.
◎Later, with the continuous decline in the ETH/BTC exchange rate, James Fickel began reducing his holdings starting from August: He gradually redeemed and sold off his ETH for WBTC repayments. Over a period of four and a half months so far, he has reduced his holdings by selling off approximately 59.5 thousand units of ETH for conversion into 2398.2 WBTC repayments at an average exchange rate of 0.04.
◎His current long position in the ETH/BTC exchange still includes a loan amounting to about 575.3 units of WBTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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