James Fickel Reduces ETH/BTC Long Position Amid Market Changes

According to Foresight News, ETH/BTC long position holder James Fickel has continued to reduce his holdings. Two hours ago, he sold 6,500 ETH, approximately valued at $22.24 million, converting them into 235.6 WBTC to repay and reduce his position. At the peak of his ETH/BTC long position in late May, Fickel had borrowed 2,987 WBTC, worth $204.7 million, on Aave. He used these borrowed WBTC to purchase ETH at an average exchange rate of 0.054. However, as the ETH/BTC exchange rate declined, Fickel began reducing his position in August. He has been gradually redeeming ETH and selling it to convert back into WBTC for repayment. Over the past four and a half months, Fickel has sold a total of 59,500 ETH, converting them into 2,398.2 WBTC for repayment, with an average selling rate of 0.04. Currently, his ETH/BTC long position still includes a loan of 575.3 WBTC.