James Fickel's ETH/BTC long position faces heavy losses as the pair drops to its lowest point since April 2021.
Fickel swapped 4,418 ETH for 166 WBTC to reduce exposure, as his total debt on Aave stands at 1,116.6 WBTC.
Ethereum is trading at $2,540.1, showing slight declines. RSI reflects neutral to oversold conditions, hinting at weakening demand.
James Fickel is suffering losses on his long position in Ethereum and Bitcoin as the pair falls to its lowest level since April 2021. The ETH/BTC exchange rate fell to 0.037 over the last two days, costing Fickel more than 23,000 ETH, or $57.9 million.
To lessen his exposure, he exchanged 4,418 ETH, or $11.13 million, for 166 Wrapped Bitcoin (WBTC). His current debt stands at 1,116.6 WBTC, valued at $75.5 million on Aave. Fickel also requested to withdraw 4,731 ETH from Lido, indicating more potential swaps in the near future.
https://twitter.com/spotonchain/status/1834412182496530759 Significant Market Moves and Liquidation Strategy
Fickel has been adjusting his strategy in response to the declining market. Over the past six days, he swapped an additional 5,000 ETH for 204.8 WBTC at a rate of 0.041. Despite being a former ETH/BTC permabull, Fickel stopped going long on August 11.
He swapped 15,000 ETH ($37.4 million) and 12 million USDC back to 841.7 WBTC ($49.4 million) to repay part of his Aave loan. His overall debt remains significant, with 2,236 WBTC ($130 million) still outstanding.
PnL Overview and Market Insights
The provided profit and loss (PnL) overview offers insight into Bitcoin (BTC) and Wrapped Ethereum (WETH) transactions. January’s price began around $45,000, with outflows of 711.366 BTC. In February, large inflows and outflows affected price fluctuations, including a 100 BTC inflow and 420 BTC outflow, contributing to a peak near $70,000. By May, prices hovered around $60,000, with smaller outflows recorded, such as 50 BTC and 20 BTC.
In August, major market movements occurred with inflows of 425.755 BTC, pushing prices to $70,000. However, by September, the market had dropped below $65,000, reflecting volatility. The total sell volume was 3.061K BTC at an average price of $56.392K, while purchase volumes reached 841.739 BTC at an average price of $58.659K.
ETH Price Movements
As of right now, Ethereum is down 0.11% for the session, trading at $2,540.1. With resistance near $2,700 and support around $2,400, the price is moving in an upward channel.
Source: TradingView
The On-Balance Volume shows declining purchasing demand, while the Relative Strength Index, which is at 43.54, suggests neutral to slightly oversold circumstances.
The post James Fickel Faces Losses on ETH/BTC Long Position as Pair Hits New Lows appeared first on Crypto News Land.
