as monitored by on-chain analyst Yu Jin, the largest ETH/BTC long position holder on-chain, @jamesfickel, continued to reduce his position: 7 hours ago, he sold 2,000 ETH ($5.06 million) and exchanged it for 76 WBTC to lower his position as the ETH/BTC exchange rate fell to a new low of 0.0377 since April 2021.

◎When James Fickel's ETH/BTC exchange rate long position peaked at the end of May, he borrowed as much as 2,987 WBTC ($204.7M) on Aave and bought ETH at a rate of 0.054.

◎Later, as the ETH/BTC exchange rate continued to fall without rebounding, James Fickel reluctantly started reducing his position from August: he redeemed ETH in batches and sold it for WBTC to repay the loan. In the two and a half months since then, he has sold 43,600 ETH for 1,766 WBTC ($118.9M) to reduce his position and repay the loan.

◎His ETH/BTC long position currently has a loan of 1,221 WBTC.