James Fickel, founder of the Amaranth Foundation, is facing significant losses in his ETH/BTC long position as the pair drops to levels not seen since April 2021. He has lost over 23,000 ETH, worth nearly $57.9 million, as the ETH/BTC rate tumbled to 0.03685, erasing almost 58% of his portfolio value. In response, Fickel has been reducing his exposure to Ethereum by swapping ETH for WBTC. However, he still owes 1,116.6 WBTC, valued at approximately $75.5 million, on the lending platform Aave and has requested to withdraw more ETH from Lido. Fickel's aim is to mitigate losses by reducing Ethereum exposure and repaying his obligations in Bitcoin. Despite his efforts, he still has a considerable loan outstanding and it remains to be seen if his risk management measures will be sufficient to prevent further losses.



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