TechFlow news, October 24 — According to Etherscan monitoring, as the ETH/BTC exchange rate dropped to 0.0377, hitting its lowest level since April 2021, James Fickel, the largest bullish ETH/BTC trader on-chain, continued reducing his position. Seven hours ago, Fickel sold 2,000 ETH (worth approximately $5.06 million) for 76 WBTC, further lowering his exposure.
Fickel's bullish ETH/BTC position peaked at the end of May 2024, when he had borrowed up to 2,987 WBTC (valued at around $204.7 million) on Aave, which he swapped into ETH at an exchange rate of 0.054. However, as the ETH/BTC rate continued to decline without signs of recovery, Fickel was forced to begin unwinding his position starting in August.
Over the past two and a half months, Fickel has gradually redeemed and sold 43,600 ETH, acquiring 1,766 WBTC (worth approximately $118.9 million) to repay loans and reduce his leveraged exposure. He still holds outstanding borrowings of 1,221 WBTC in his remaining ETH/BTC long position.
