ETH Bearish Breakdown Treasury Risk
A bearish technical setup could push ETH towards the $1,600 zone, increasing BitMine's unrealized losses.
Too little corroboration in the last 3 days to call a trend (5 articles). Watching for it to gain traction.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"The same filing showed BitMine’s Ethereum position carrying an estimated $9 billion unrealized loss after ETH fell from about $ 5,000 to below $ 1,800 in October."
"That ETH bet is currently sitting at an estimated $9 billion unrealized loss as ETH prices fell below $1,800 from around $5,000 in October."
"Analysts warn the price could retest lower levels, with some pointing to a potential move toward $1,500 if downside momentum persists and key supports fail."
"Tom Lee's firm, BitMine Immersion Technologies, is currently shouldering catastrophic paper losses. The firm's average acquisition cost sits around $3,850 per ETH. The firm is currently underwater to the tune of $8 billion in unrealized losses."
"A bearish technical setup — specifically a rising wedge pattern — points to a potential move toward $1,600 if ETH breaks support, which would expand BitMine’s unrealized losses beyond $10 billion based on current holdings and cost basis."