Bitmine is carrying an unrealized loss of roughly $3.5 billion on its Ethereum position, according to on-chain data from CryptoQuant. The loss is a direct result of persistent weakness in ETH’s price, which continues to trade below the $3,000 level.
The deterioration began in late October, when Ethereum broke below that threshold after trading above $4,000 just weeks earlier. Between July and October, Bitmine’s position remained in profit, with prices moving within an approximate range of $3,800 to $4,800. Since early November, on-chain data has shown a steady loss zone, with no signs of significant selling or visible changes in the size of the firm’s exposure.
Ethereum is currently facing resistance around the $3,000 level, while the $2,800 area is acting as short-term support. A weekly inverse pattern suggests that any meaningful recovery would require a break above $3,344 and the ability to hold that level.
Source: https://x.com/Bitcoinsensus/status/2004443929358524781
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