- Bitmine is down $8.9 billion on 5,416,901 ETH after a reported $3,500 cost basis.
- Strategy is down $7.6 billion on 843,706 BTC with a $75,699 reported cost basis.
- Julian said the crypto pullback likely reflects multiple market pressures, not a single cause.
Two of crypto’s biggest balance-sheet bets are now showing heavy paper losses after a sharp market pullback hit major digital assets.
Lookonchain data posted on June 3 showed Tom Lee’s Bitmine was down $8.9 billion, with 5,416,901 ETH, a position valued at $10.03 billion. The same update showed Michael Saylor’s Strategy down $7.6 billion, with 843,706 BTC valued at $56.26 billion.
Two Giant Positions Show $16.5B In Combined Paper Losses
The figures put the two treasury positions deep underwater at the same time, with combined reported losses of $16.5 billion. Per the report, Bitmine’s reported cost basis stood near $3,500 per ETH. On the other hand, Strategy’s reported cost basis stood at $75,699 per BTC.
Analyst Points to Multiple Market Pressures
A separate market update from analyst Julian said the pullback could reflect several market pressures. The listed factors included ETF outflows, leveraged-long liquidations, weaker global risk appetite, and investor profit-taking.
The analyst also noted that major market moves rarely stem from a single factor, as crypto prices often react to several developments simultaneously.
Liquidity and Market Conditions Remain Key
Julian said liquidity conditions remain an important factor in assessing the recent market weakness. He noted that investors reducing risk exposure and unwinding leveraged positions may have contributed to the decline.
Looking ahead, the analyst said upcoming macroeconomic data releases and institutional capital flows could play a significant role in shaping market direction. He added that short-term volatility would not be surprising given the current environment.
As a result, market participants are likely to monitor not only price action but also broader market sentiment and liquidity conditions for signs of the next move.
Related: Are Anti-Bitcoiners Gaining Ground as Bitcoin Drop Below $67K?
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