According to on-chain analyst Ember, the famous ETH/BTC exchange rate bull James Fickel's ETH/BTC exchange rate long position that lasted for a whole year finally ended completely today. He sold 6429 ETH (US$21.45 million) for 227 WBTC 4 hours ago and paid off all WBTC. He continued to go long on the ETH/BTC exchange rate for a whole year and lost $68.84 million (20,632 ETH):
1. In the first half of the year, he borrowed 2,987 WBTC through Aave at an exchange rate of 0.054 and sold them for 55,315 ETH to go long on the ETH/BTC exchange rate;
2. Starting from August, he sold ETH to buy back WBTC to repay the loan, spending a total of 75,947 ETH to buy back 2,987 WBTC at an exchange rate of $0.0393 to repay the loan;
3. In the end, he lost 20,632 ETH (68.84 million US dollars) on the long ETH/BTC exchange rate.