Prominent crypto trader James Fickel transferred assets valued at approximately $204 million to Coinbase Prime.
The movement occurred in two distinct transactions totaling 80,000 Ethereum (ETH).
This transfer represents the exit of a highly leveraged ETH/BTC market position.
Fickel’s strategy involved leveraging his ETH holdings to borrow Bitcoin (BTC), subsequently selling BTC to purchase additional ETH, effectively betting on ETH outperforming BTC.
The execution resulted in substantial losses for Fickel.
Reports indicate a net loss estimated at 20,632 ETH on this specific leveraged trade, equivalent to roughly $68.84 million at prevailing valuations.
The significant transfer underscores heightened volatility and strategic adjustments occurring within the ETH/BTC paired market dynamic.
The losses incurred highlight the amplified risks inherent in leveraged crypto trading strategies.