5th richest crypto investor revaluates his multi-millionaire ETH bet against BTC
James Fickel is the founder of the Amaranth Foundation, funding longevity research, and the world’s fifth richest known crypto investor. Fickle has partially closed a multi-millionaire long Ethereum (ETH) position against Bitcoin (BTC) on August 10 as BTC overperformed ETH. According to a Lookonchain report, the Amaranth Foundation’s founder started opening long positions on Ethereum against Bitcoin on January 10. These positions used an advanced decentralized finance (DeFi) strategy of lending, borrowing, and trading one asset against the other. Essentially, James Fickel provided lending liquidity on Aave (AAVE) to use as collateral to borrow 3,061 Wrapped Bitcoin (wBTC). He then used this $172 million wBTC loan to swap for 56,445 ETH in these seven months since January. Lookonchain calculates an average ETH/BTC exchange rate of 0.05424. Picks for you ...