TechFlow reports, according to on-chain analyst烬 (Yujin), ETH/BTC bullish trader James Fickel spent 11 million USDC over the past 12 hours to purchase 4,336 ETH and 5 million USDC to buy 87.8 WBTC.
From January to July this year, he continuously borrowed WBTC from Aave and sold it for ETH to go long on the ETH/BTC exchange rate.
He currently has 2,987 WBTC ($168.8 million) in loans outstanding on Aave, all of which has been converted into ETH. His effective ETH/BTC entry price is around 0.054.




