The post Crypto millionaire loses over $40 million with this trade appeared on BitcoinEthereumNews.com.

James Fickel is one of the world’s richest cryptocurrency investors, with an estimated millionaire crypto net worth of $400 million. The millionaire, however, has lost over $40 million in a series of decentralized finance (DeFi) leveraged trades since January 2024. In particular, James Fickel has opened long Ethereum (ETH) positions against Bitcoin (BTC)  this year, effectively shorting BTC with ETH. For that, the crypto millionaire has borrowed Wrapped Bitcoin (wBTC) on Aave, trading it for Ethereum’s native token. He borrowed 3,061 wBTC, worth $172 million, exchanging it for 56,445 ETH from January 10 to July 1. On average, the ETH/BTC exchange rate was 0.05424 wBTC per Ether, according to a Lookonchain report. However, since August 7, the multi-millionaire crypto investor has been partially closing this position, repaying his debt at a loss. Overall, James Fickel re-purchased 882 wBTC with $12 million in USDC and $39.9 million worth of 16,000 ETH at an average exchange rate of 0.042 ETH/BTC. The wBTC debt on Aave is now 2,196, worth over $132 million, per the report, losing $43.7 million. James Fickel’s millionaire crypto position on Aave. Source: Lookonchain James Fickel’s millionaire crypto net worth Finbold retrieved data from Arkham Intelligence on September 14 to access James Fickel’s updated crypto net worth following these trades. As of this writing, the multi-millionaire investor holds nearly $400 million in crypto tokens, mostly made of ETH derivatives. This suggests Fickel is an active DeFi user, focusing on the Ethereum ecosystem. James Fickel’s millionaire crypto net worth. Source: Arkham Intelligence / Finbold Interestingly, this represents an over $46 million loss from his position since Finbold’s last report on Fickel’s trades in August. Besides being a millionaire crypto investor with this massive position on Ethereum, James Fickel is also a longevity entrepreneur. He is the founder of the Amaranth…

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Filed under: News - @ September 14, 2024 10:21 am