James Fickel (Amaranth Foundation founder) just swapped another 1,000 WETH for 40.05 WBTC ($2.33M) at an ETH/BTC exchange rate of only 0.04:

• transaction: 0x154914744cbd9cfc6f3bca14597184809ac837a67cf62d5647b3bb2c3603abdd
• 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 swapped 15,000 (W)ETH ($37.4M) and 12M USDC back to 841.7 WBTC ($49.4M) at an average price of $58,659 to repay his loan on Aave.
• Currently, James Fickel still has 2,236 WBTC ($130M) borrowed.

Lastly, it is important to highlight that with the ETH/BTC rate declining, other whales are also swapping ETH for WBTC.

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