Crypto Millionaire James Fickell Loses Over $43 Million in Ether-Bitcoin Trading Bets!

James Fickell is known as a crypto millionaire. He is also an early Ethereum investor and founder of the longevity research organization Amaranth Foundation. He has suffered more than $43 million in losses since the beginning of this year. Another thing is that he is in debt and he has a loan of a huge amount on the decentralized lending platform Aave and that amount has grown to around $132 million. He bet on the price of Ether against Bitcoin and lost over $43.7 million.

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However, he made a bet earlier this year. He thought that the price of Ether would rise against Bitcoin. That's why he borrowed about $172 million worth of wrapped bitcoins earlier this year. He even borrowed a huge amount from Aave. And also he exchanged 56,445 $ETH at 0.05424 He also spent 12M $USDC to buy $WBTC and exchanged 16,000 $ETH for $671 $WBTC at $0.042 to pay off the debt to Aave. At present the amount of his loan to this institution has increased a lot.

Basically he adopted a strategy from the beginning of this year and he borrowed Bitcoin because he thought that Ether would increase a lot against Bitcoin. But the strategy he adopted now appears to have backfired. As a result of which his debt is currently increasing. He effectively took a short position in Bitcoin. However, this strategy backfired as the price of Ether fell relative to Bitcoin. However, since the beginning of this year we know that the price of Bitcoin has continued to rise steadily, although the price has now fallen somewhat. But on the other hand the price of Ether has increased but now it has less increase than Bitcoin and now the price has decreased.

However, many things are possible in crypto. It is very difficult to make accurate predictions here. However, the strategy he adopted backfired. The idea he entered the market with basically backfired and he ended up in debt. Because currently their debt is constantly increasing. Currently he has lost over $43.7 million through this. Although he is one of the richest cryptocurrency investors in the world, he currently owns more than $4.8 million worth of Ether.