According to Odaily Odaily, as Ethereum continues to weaken, Tom Lee's BitMine's ETH reserves have suffered paper losses of approximately $7.35 billion. Data shows that ETH has fallen more than 57% from its high of approximately $4,955 in October 2025, and its market share (ETH Dominance) has also declined from approximately 15% to approximately 10%.
BitMine launched its ETH reserve strategy in July 2025 and has continued to increase its holdings after completing a $250 million private funding round. Latest data shows that it currently holds approximately 5.28 million ETH, representing about 4.37% of the total Ethereum supply, making it the world's largest listed ETH reserve company.
Despite widening unrealized losses, Tom Lee remains committed to a long-term accumulation strategy. BitMine has stated it will moderately slow its cryptocurrency purchases but will not abandon its ETH reserve plan, aiming to hold 5% of the total Ethereum supply by December of this year.
However, technical risks are intensifying. Analysis indicates that ETH is currently near the lower edge of a typical rising wedge bearish pattern. If this support is broken, the price could further decline to the $1600 area, representing a potential downside of approximately 25% from current levels. If this scenario occurs, based on BitMine's average holding cost of approximately $3513, its ETH holdings could potentially expand from unrealized losses to approximately $10.1 billion.
Meanwhile, market sentiment continued to deteriorate. On-chain data platform Santiment shows that the ETH social media long/short comment ratio has rapidly declined from over 2:1 at the end of April to nearly 1:1. Analysts say that more and more traders are beginning to view ETH as "dead money" (an asset lacking upward momentum). (Cointelegraph)
