10x Research: Ethereum Enters Critical Valuation Range, Bitmine's Massive Floating Loss Highlights Structural Pressure

Odaily According to an analysis posted on X by crypto research firm 10x Research, Ethereum is at a critical juncture facing dual tests of valuation and fundamentals. The market needs to determine whether its current downturn is a cyclical bottom or a sign of deeper structural damage. Ethereum treasury company Bitmine is currently bearing approximately $8.8 billion in paper losses, exceeding the roughly $8 billion in client losses during the initial stages of the FTX collapse. The company's aggressive accumulation of ETH, occurring amid weakening demand and with ETH prices near April 2021 levels, has further intensified market debate. This comparison highlights the potential for vastly divergent capital allocation outcomes and how timing and governance decisions ultimately determine long-term value creation. Ethereum's current trading price is approaching a critical valuation and cost range, and its core value proposition is undergoing a structural test. Investors need to carefully assess whether Ethereum is in a cyclical trough or entering a deeper phase of structural impairment.