The founder of Amaranth Foundation spent 5 million USDC to purchase 1,697 ETH seven hours ago
According to on-chain analyst Yu Jin, James Fickel, the founder of Amaranth Foundation, spent another 5 million USDC to buy 1,697 ETH at a price of $2,946 seven hours ago. Since early January this year, James Fickel has been long on the ETH/BTC exchange rate: He borrowed a total of 2,321 WBTC (worth $134 million) from Aave using his ETH as collateral and then sold it for 42,325 ETH. The cost of the ETH/BTC exchange rate was at 0.0548. The current price of the ETH/BTC exchange rate is now at 0.0508 which means he's currently experiencing an unrealized loss of about $9.8 million (-7.3%) on his long position.
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