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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.
<a href="https://x.com/jamesfickel?lang=en" rel="noopener noreferrer nofollow">Fickel</a>, who is the founder of <a href="https://amaranth.foundation/" rel="noopener noreferrer nofollow">Amaranth Foundation</a> 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 $172 million from the Aave lending protocol and exchanged it for 56,445 ETH at 0.05424 per coin as he bet that the ETH price would rise
<h2 id="fickel-s-ethereum-trade-started-out-well">Fickel’s Ethereum Trade Started Out Well</h2>
Though the trade initially went well, it quickly soured, leaving Fickel with a huge loss. After taking out the the loan to purchase Ether, the ETH/BTC pair tumbled more than 25%.
“He currently has 2,196 <a class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" dir="ltr" role="link" href="https://x.com/search?q=%24WBTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$WBTC</a>($132M) in debt on <a class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" dir="ltr" role="link" href="https://x.com/hashtag/Aave?src=hashtag_click" rel="noopener noreferrer nofollow">#Aave</a>, losing ~18,000 <a class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" dir="ltr" role="link" href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a>($43.7M) in total!,” Lookonchain said.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 James Fickel(<a href="https://twitter.com/jamesfickel?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@jamesfickel</a>) lost ~18,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($43.7M) by going long the BTC/ETH trading pair!
 From Jan 10 to July 1, he borrowed 3,061 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WBTC</a>(172M) from <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Aave</a> and exchanged it for 56,445 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> at a rate of 0.05424.
 Since Aug 7, he spent 12M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> to buy 211 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WBTC</a> and exchanged… <a href="https://t.co/9DgLjisPgp" rel="noopener noreferrer nofollow">pic.twitter.com/9DgLjisPgp</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1834849876171276389?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 14, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Fickel is now $132 million in debt on the trade. In the past 11 hours, he has repaid over $30 million to Aave, reducing the outstanding loan to $102 million.&nbsp;&nbsp;
Despite opening the trade on January 10 during a spike in the <a href="https://insidebitcoins.com/news/ethereum-price-prediction-eth-plummets-5-as-fomc-rate-decision-nears-and-this-gamblefi-ico-closes-on-2-million" rel="noopener noreferrer nofollow">Ethereum price</a>, Fickel’s sat on a loss since March 13, according to data from TradingView.
<img decoding="async" class="aligncenter wp-image-577239 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57.png" alt="" width="1732" height="1002" srcset="https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57.png 1732w, https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57-300x174.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57-1024x592.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57-240x140.png 240w, https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57-768x444.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/09/ETHBTC_2024-09-16_18-28-57-1536x889.png 1536w" sizes="(max-width: 1732px) 100vw, 1732px">
The crypto millionaire failed to book 10% profits on his ETH/BTC position twice in 74 days. 
Fickel was in April <a href="https://cryptorank.io/news/feed/20e78-arkham-top-5-crypto-rich-list" rel="noopener noreferrer nofollow">ranked by Arkham Intelligence</a> as the 5th richest person in crypto based on their wallet balances, with a total wallet net worth of $446 million.
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Crypto Millionaire James Fickel Loses $43 Million On Ethereum Long Bet After Missing $17.2 Million Profit Opportunity

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