Odaily Planet Daily News: Affected by the decline in the cryptocurrency market, enterprise-level Bitcoin and Ethereum treasuries are facing significant paper losses. BitMine, the company with the largest ETH holdings, currently faces a floating loss of $6.95 billion, with an average purchase price of $3,883 per ETH, while the current price of ETH has dropped to $2,240. Additionally, SharpLink Gaming is facing a $1.09 billion paper loss.
Due to market pressure, some institutions have started to reduce their positions. Trend Research (0x4a2...b82) sold a total of 53,589 ETH today to repay debts, valued at approximately $123 million. Although the institution still holds 618,000 ETH, it has already incurred floating losses exceeding $534 million. Trend Research founder Jack Yi admitted that his earlier bullish stance on ETH when it was at $3,000, believing it was undervalued, was a wrong decision. Meanwhile, Nansen data shows that Smart Money addresses have bought $38.3 million worth of ETH against the market trend in the past week.