James Fickel (Amaranth Foundation founder) exchanged another 11,584 ETH for 449.55 WBTC ($27.4M) in the past 7 hours as the ETH/BTC rate keeps dropping:

• address: 0xd85351181b3f264ee0fdfa94518464d7c3defada
• This address belongs to the entity James Fickel (Amaranth Foundation founder)

Notably:

• James Fickel was once an ETH/BTC permabull following the launch of Bitcoin ETF on January 10, 2024. He borrowed a total of 3,061 WBTC from Aave and exchanged them for 56,445 ETH at a rate of 0.05424.
• However, as the ETH/BTC keeps declining recently, James Fickel stopped going long on August 11. So far, he has exchanged 12M USDC for 211.18 WBTC and 38,735 ETH back to 1,558 WBTC ($93.3M) at an exchange rate of only 0.0402 to repay the debt on Aave.
• Currently, James Fickel still has 1,308.8 WBTC ($78.8M) borrowed.

At the current ETH/BTC rate of only 0.03865, James Fickel appears to have lost around 21,177 ETH ($49.2M) by going long on the BTC/ETH trading pair!

Fig 1. The overall WBTC trading history of James Fickel (Amaranth Foundation founder).