Analysis: Bearish ETH pattern points to $1,600, BitMine's unrealized loss may exceed $10 billions

According to Odaily, as Ethereum continues to weaken, Tom Lee's BitMine's ETH reserve unrealized losses have expanded to approximately $7.35 billion. Data shows that ETH has dropped more than 57% from the October 2025 high of around $4,955, and its market dominance (ETH Dominance) has also fallen from about 15% to around 10%.

BitMine launched its ETH reserve strategy in July 2025 and continued to increase its holdings after completing a $250 million private placement. The latest data indicates it currently holds about 5.28 million ETH, accounting for around 4.37% of Ethereum’s total supply, making it the world’s largest publicly listed ETH reserve company.

Despite the ongoing increase in unrealized losses, Tom Lee remains committed to a long-term accumulation strategy. BitMine once said it would moderately slow its buying pace but would not abandon the ETH reserve plan, and expects to hold 5% of total Ethereum supply by December this year.

However, technical risks continue to intensify. Analysis points out that ETH is currently near the lower boundary of a typical “rising wedge” bearish pattern. If the support is decisively broken, the price could further drop to the $1,600 region, leaving about 25% downside from current levels. Should this scenario occur, and based on BitMine’s average holding cost of about $3,513, its ETH holdings’ unrealized losses could further expand to around $10.1 billion.

Meanwhile, market sentiment continues to deteriorate. On-chain data platform Santiment shows that the ETH social media long-short comment ratio has rapidly fallen from over 2:1 at the end of April to nearly 1:1. Analysts say that more and more traders have started to view ETH as “Dead Money” (an asset lacking upward momentum). (Cointelegraph)