Based on Cointribune, Ethereum (ETH) fell nearly 30% in one month, breaking the $3,000 threshold and wiping out a year of gains for many Web3 companies that hold ETH in their treasuries. BitMine Immersion Technologies, holding 3.56 million ETH, faces $3.7 billion in unrealized losses. Other major players like Galaxy Digital and The Ether Machine also report significant losses. The mNAV ratio for many of these firms is now below 1, signaling financial strain. Technical indicators suggest further price declines, with a key support level at $2,450.
Ethereum Drop Below $3,000 Erases Year of Gains for Web3 Treasuries
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