Top crypto investor James Fickel, with a net worth of approximately $400 million, recently lost over $40 million through a series of leveraged trades.
Fickel’s investment strategy involved betting on Ethereum (ETH) while shorting Bitcoin (BTC). He achieved this by borrowing Wrapped Bitcoin (wBTC) via Aave and converting it into Ethereum. From January 10 to July 1, he borrowed 3,061 wBTC, worth about $172 million, and exchanged it for 56,445 ETH. According to reports, the average exchange rate during this period was about 0.054 wBTC per ETH.
However, since early August, Fickel has been closing out this position, repaying his debt with a substantial loss. He repurchased 882 wBTC using $12 million in USDC and 16,000 ETH valued at around $39.9 million, achieving an average rate of 0.042 ETH/BTC. His remaining wBTC debt on Aave now totals 2,196 wBTC, valued at over $132 million, indicating a loss of approximately $43.7 million.
Despite these losses, Fickel’s overall crypto holdings remain significant, primarily in ETH derivatives, signaling his ongoing involvement in the Ethereum network. Recent data shows his net worth near $400 million, though this reflects a decline of more than $46 million compared to earlier this year.
In addition to his investment activities, Fickel is also known for his work with the Amaranth Foundation, an organization dedicated to research in longevity and aging.
Zak Cole, a prominent Ethereum core developer, has unveiled a bold new initiative aimed at significantly expanding the Ethereum ecosystem and driving the price of ETH to $10,000.
According to a new report by CryptoQuant, Chainlink (LINK) is locked in a prolonged accumulation phase between $12 and $15, driven by aggressive whale behavior amid muted retail participation.
Fartcoin (FARTCOIN) has gone up by 14.4% in the past 24 hours as meme coins as a whole are rallying during today’s session. The launch of a Solana exchange-traded fund (ETF) this week along with Canary Capital’s positive steps toward getting a Pudgy Penguins (PENGU) ETF approved are favoring a bullish Fartcoin price prediction. Fartcoin. […]
The newly launched SSK Solana Staking ETF delivered a standout performance on its first trading day, ranking in the top 1% of all ETF launches, according to Bloomberg ETF analyst Eric Balchunas.