James Fickel (Amaranth Foundation founder) just exchanged another 2,000 ETH ($4.99M) for 75.986 WBTC at an ETH/BTC rate of 0.038:

• 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. Between December 30, 2023, and July 1, 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 rate kept falling without signs of rebounding, James Fickel started to reduce his ETH/BTC long position on August 11. So far, he has exchanged 12M USDC for 211.18 WBTC and 42,816 ETH back to 1,723 WBTC ($103.8M) at an exchange rate of only 0.0402 to repay the debt on Aave.
• Currently, James Fickel still has 1,221 WBTC ($80.18M) borrowed.

The ETH/BTC exchange rate has fallen to a new low at 0.0377 since April 2021.

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