Ethereum

bullish

Bitcoin ETF

when

James

<ul class="wp-block-list">
 <li>James Fickel reduces ETH/BTC exposure, swaps 5K ETH for WBTC.</li>
 <li>Fickel faces $38.5M loss after aggressive ETH/BTC trades.</li>
</ul>
James Fickel, founder of Amaranth and known for his bullish stance on the ETH/BTC trading pair, has swapped another 5,000 ETH, valued at $11.3 million, for 204.8 WBTC at a 0.041 ETH/BTC rate over the past six days. This move follows his earlier actions on August 11, when he swapped 10,000 ETH ($26.1M) for 425.8 WBTC to repay a loan on Aave.
Fickel, once an ETH/BTC permabull, stopped increasing his long positions since August 11, having swapped 15,000 ETH ($37.4M) and 12M USDC for 841.7 WBTC ($49.4M) to settle debts. Currently, he holds 55.506K ETH in token holdings but still has 2,236 WBTC, valued at $130 million, borrowed.
Meanwhile, Fickel’s enthusiasm for ETH/BTC trading surged after the launch of the Bitcoin ETF on January 10, 2024, which led him to borrow 3,061 WBTC from Aave and swap it for 56,445 ETH at a rate of 0.05424. However, with the current ETH/<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> rate at 0.043, he faces an estimated total loss of $38.5 million.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe81B_o1gIt-ugxr9izmYCsyL8AZCK99sPIx1_aRUPY8xkc5W5IWDuUOcXRsMSOnxr0jTY51BimNUhYqARfeHqk9mPS86sbsT_K_G9mM4_Tzad1HaA6YmnxnDltu2D_B_EOxCmYwdRELKoi0Ixui1TEYuM?key=8WpQuVVX6RJLIp0Ww9Ab9w" alt="">
 <figcaption class="wp-element-caption">
 James Token Swap Chart, Source: SpotOnChain
 </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="h-analyzing-the-market">Analyzing the Market</h3>
In related ETF news, US Bitcoin <a href="https://thenewscrypto.com/us-spot-bitcoin-etfs-see-211-million-net-outflows/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a> saw a net inflow of $39 million on September 12, while ETH ETFs registered a net outflow of $20 million, marking the second consecutive day of negative flow for Ethereum products. Grayscale’s ETHE fund accounted for the bulk of the <a href="https://x.com/spotonchain/status/1834439690868719871" target="_blank" rel="noopener noreferrer nofollow">outflows</a>, with $20 million in withdrawals.
Moreover, currently, <a href="https://thenewscrypto.com/ethereum-attempts-to-disentangle-from-consolidation-phase-at-2-3k/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> is trading at $2,348, reflecting a 0.81% decline. Trading volume has also decreased by 27.69% in the past 24 hours. Fickel’s strategic moves continue to capture attention, as he navigates the volatile ETH/BTC market and adjusts his positions accordingly. His next steps will be closely watched by market participants.
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Amaranth Founder James Fickel Swaps $11M in ETH for WBTC

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