Crypto Millionaire James Fickel Loses $43 Million On Ethereum Long Bet After Missing $17.2 Million Profit Opportunity
Crypto millionaire James Fickel lost $43 million on a long bet on Ethereum after missing an opportunity to take a $17.2 million profit just four days into the trade. Fickel, who is the founder of Amaranth Foundation and a crypto whale investor, bet on Ethereum outperforming Bitcoin in January, according to analytics firm Lookonchain. It said in a Sept. 14 post on X that Fickel borrowed 3,061 Wrapped Bitcoin (WBTC0 worth $172 million from the Aave lending protocol and exchanged it for 56,445 ETH at 0.05424 per coin as he bet that the ETH price would rise Fickel’s Ethereum Trade Started Out Well Though the trade initially went well, it quickly soured, leaving Fickel with a huge loss. After taking out the the loan to purchase Ether, the ETH/BTC pair tumbled more than 25%. “He currently has 2,196 $WBTC ($132M) in debt on #Aave , losing ~18,000 $ETH ($43.7M) in total!,” Lookonchain said. James Fickel(@jamesfickel) lost ~18,000 $ETH($43.7M) by going long the BTC/ETH t...