Analysis: ETH bearish pattern points to $1,600, BitMine's unrealized losses may exceed $10 billion

Odaily Planet Daily News As Ethereum continues to weaken, the unrealized book loss on the ETH reserves of Tom Lee's BitMine has expanded to approximately $7.35 billion. Data shows that ETH has fallen more than 57% from its high of around $4,955 in October 2025, with its market dominance (ETH Dominance) also declining from about 15% to around 10%.

Since launching its ETH reserve strategy in July 2025, BitMine has been accumulating positions after completing a $250 million private placement. The latest data shows that it currently holds approximately 5.28 million ETH, accounting for about 4.37% of the total Ethereum supply, making it the world's largest publicly listed company holding ETH reserves.

Despite the expanding unrealized losses, Tom Lee remains committed to a long-term accumulation strategy. BitMine has stated it will moderately slow down the pace of purchases but will not abandon its ETH reserve plan, and expects to hold 5% of the total Ethereum supply before December this year.

However, technical risks continue to intensify. Analysis points out that ETH is currently near the lower boundary of a classic "rising wedge" bearish pattern. If it breaks below this support level, the price could further drop to the $1,600 area, representing a potential decline of approximately 25% from current levels. Should this scenario materialize, based on BitMine's average cost basis of around $3,513, its unrealized losses on ETH holdings could widen further to approximately $10.1 billion.

Meanwhile, market sentiment continues to deteriorate. On-chain data platform Santiment shows that the ratio of bullish to bearish comments about ETH on social media has rapidly declined from over 2:1 at the end of April to nearly 1:1. Analysts say an increasing number of traders are beginning to view ETH as "Dead Money" (an asset lacking upward momentum). (Cointelegraph)