ChainCatcher report: As Ethereum continues to weaken, BitMine, founded by Tom Lee, has seen its book unrealized loss on ETH reserves expand to approximately $7.35 billion. Data shows that ETH has declined over 57% from its peak of around $4,955 in October 2025, while its market dominance (ETH Dominance) has dropped from approximately 15% to around 10%. BitMine initiated its ETH reserve strategy in July 2025 and has consistently increased its position following a $250 million private funding round. Latest data indicates that BitMine currently holds approximately 5.28 million ETH, accounting for about 4.37% of Ethereum’s total supply, making it the largest publicly disclosed ETH reserve holder globally. Despite the growing unrealized losses, Tom Lee remains committed to his long-term accumulation strategy. BitMine has previously stated it will moderately slow its purchasing pace but will not abandon its ETH reserve plan, aiming to hold 5% of Ethereum’s total supply by December this year. However, technical risks continue to intensify. Analysts note that ETH is currently near the lower boundary of a classic bearish “rising wedge” pattern; a decisive break below support could push prices further down to the $1,600 range, representing an additional ~25% downside from current levels. If this scenario unfolds, and given BitMine’s average acquisition cost of approximately $3,513 per ETH, its unrealized loss could expand further to around $10.1 billion. Meanwhile, market sentiment continues to deteriorate. On-chain data platform Santiment shows that the ratio of bullish to bearish social media comments for ETH has rapidly declined from over 2:1 at the end of April to nearly 1:1. Analysts note that an increasing number of traders are beginning to view ETH as “dead money”—an asset lacking upward momentum.
ETH price drops 57% from its 2025 high, resulting in a $101 billion paper loss on BitMine's ETH holdings.
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Summary
Ethereum’s price has fallen more than 57% from its October 2025 peak of $4,955, with market dominance declining from 15% to 10%. Tom Lee’s BitMine, which holds 5.28 million ETH, now faces a $73.5 billion paper loss. ETH analysis suggests a potential breakdown below the wedge pattern could push prices to $1,600, increasing losses to $101 billion. BitMine aims to hold 5% of the total ETH supply by December 2026.
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