Crypto millionaire James Fickel has suffered losses exceeding $43 million since Jan. 10, as his debt on the decentralized lending platform Aave surged to $132 million.
Fickel, an early Ethereum investor and the founder of longevity research firm Amaranth Foundation lost over $43.7 million by essentially betting on Ether’s price.
Based on the millionaire’s 2024 investments, Fickel expected Ether price to rise against Bitcoin’s when he first borrowed $172 million worth of Wrapped Bitcoin (WBTC) on Jan. 10, according to a Sept. 14 X post by Lookonchain.
Since the start of 2024, Ether has underperformed compared to Bitcoin. According to Binance data, Ether’s price relative to Bitcoin has dropped by more than 24% year-to-date (YTD) and over 9% in the past month.
Read more: cointelegraph.com
