PANews reported on October 24 that according to on-chain analyst Ember’s monitoring, as the ETH/BTC exchange rate fell to 0.0377, the lowest since April 2021, James Fickel, the investor with the largest ETH/BTC long position on the chain, continued to reduce his position. According to on-chain data, he sold 2,000 ETH (about 5.06 million US dollars) 7 hours ago and exchanged it for 76 WBTC to reduce the risk of his position.
James Fickel's long position peaked at the end of May this year, when he borrowed 2,987 WBTC (about $204.7 million) on Aave and bought ETH at an exchange rate of 0.054. However, as the ETH/BTC exchange rate continued to fall, he began to gradually reduce his position from August, redeeming ETH and selling it for WBTC to repay the loan. In the past two and a half months, he has sold 43,600 ETH and exchanged it for 1,766 WBTC (about $118.9 million) for repayment. Currently, his long position still has 1,221 WBTC borrowed.
