One of the Most Prominent Traders Made a Significant Strategic Change After a Partial Recovery in the Market: Here’s What He Did

Bitcoinsistemi2024/08/12 11:18

By:Mete Demiralp

It was reported that a trader whose movements were followed in the cryptocurrency market made a new transaction after the recovery.

James Fickle, one of the well-known traders in the cryptocurrency market, has made new transactions according to onchain data.

Following the partial recovery in the market, it was observed that James Fickle reduced his long position in the ETH/BTC parity from his cryptocurrency addresses.

The data noted that James Fickle had previously closed his debt to Aave, which had previously played a role in opening the position, by trading 10,000 ETH worth $ 26.1 million for 425.8 WBTC in recent hours.

Notably, Fickle had made an unusually bullish trade on the ETH/BTC pair after the Bitcoin ETFs were approved on January 10, 2024. The trader had repeatedly borrowed 3,061 WBTC via crypto lending platform Aave and traded them for 56,445 ETH at a rate of 0.05424.

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Currently, the trader still has $149 million in borrowed assets and is estimated to have a total loss of approximately $38.5 million, with the ETH/BTC parity being at 0.05424 at the time of writing.

Wrapped Bitcoin, a bridged version of Bitcoin that can be used in DeFi applications, recently came to the fore due to allegations that it was hijacked by Tron founder Justin Sun.

*This is not investment advice.

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