Odaily Planet Daily reports: As Ethereum continues to weaken, the unrealized paper loss on BitMine’s ETH reserves, led by Tom Lee, has expanded to approximately $7.35 billion. Data shows that ETH has declined more than 57% from its peak of around $4,955 in October 2025, and its market share (ETH Dominance) has dropped from approximately 15% to around 10%.
BitMine launched its ETH reserve strategy in July 2025 and has continued to accumulate ETH following a $250 million private funding round. Latest data shows it currently holds approximately 5.28 million ETH, accounting for about 4.37% of Ethereum’s total supply, making it the world’s largest publicly listed ETH reserve holder.
Despite ongoing unrealized losses, Tom Lee remains committed to a long-term accumulation strategy. BitMine has stated that it will moderately slow its pace of coin purchases but will not abandon its ETH reserve plan, and expects to hold 5% of Ethereum’s total supply by December this year.
However, technical risks continue to intensify. Analysis indicates that ETH is currently near the lower boundary of a classic bearish "rising wedge" pattern; if it effectively breaks below support, the price could decline further to the $1,600 range, representing approximately a 25% downside from current levels. If this scenario unfolds, based on BitMine’s average holding cost of around $3,513, its unrealized loss on ETH holdings could expand further to approximately $10.1 billion.
Meanwhile, market sentiment has continued to deteriorate. Chain data platform Santiment shows that the ETH social media bull-to-bear comment ratio has rapidly declined from over 2:1 at the end of April to near 1:1. Analysts note that an increasing number of traders are beginning to view ETH as “dead money” (an asset lacking upward momentum). (Cointelegraph)