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Cryptocurrency millionaire James Fickel lost $43 million on a long bet on Ethereum after missing out on a chance to make a $17.2 million profit just four days after the trade began.
Fickel, founder of the Amaranth Foundation and a cryptocurrency investor, bet on Ethereum to outperform Bitcoin in January, according to analytics firm Lookonchain.
He said in a September 14 message on X that Fickel borrowed 3,061 Wrapped Bitcoin (WBTC0) worth $172 million from lending protocol Aave and exchanged it for 56,445 ETH at 0.05424 per coin as he bet the price of ETH would rise
Fickel’s Ethereum Trading Has Started Well
Although the transaction went well at first, it quickly turned sour, leaving Fickel with a huge loss. After taking out the loan to buy Ether, the ETH/BTC pair dropped by more than 25%.
“He currently has 2,196 $WBTC($132 million) of debt on #Aavelosing about 18,000 $ETH($43.7 million) in total!” Lookonchain said.
James Fickel(@jamesfickel) lost about 18,000 $ETH($43.7M) by going long on the BTC/ETH trading pair!
From January 10 to July 1, he borrowed 3,061 $WBTC(172M) of #Aave and exchanged it for 56,445 $ETH at a rate of 0.05424.
Since August 7, he has spent 12 million $USDC buy 211 $WBTC and exchanged… pic.twitter.com/9DgLjisPgp
— Lookonchain (@lookonchain) September 14, 2024
Fickel is now $132 million in debt as a result of the transaction. In the last 11 hours, he has repaid more than $30 million to Aave, reducing the outstanding loan to $102 million.
Despite the opening of the session on January 10 during a peak in Ethereum PriceAccording to TradingView data, Fickel has been in losses since March 13.
The crypto millionaire failed to record 10% profit on his ETH/BTC position twice in 74 days.
In April, Fickel was ranked by Arkham Intelligence as the 5th richest person in cryptocurrency based on wallet balance, with a total net worth of $446 million.
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