According to Cointelegraph, as Ethereum continues to weaken, the unrealized paper loss on BitMine’s ETH reserves, managed by Tom Lee, has expanded to approximately $7.35 billion. Analysis indicates that ETH is currently near the lower boundary of a classic bearish "rising wedge" pattern; if the support level is effectively broken, the price could decline further to the $1,600 range, representing about a 25% downside from current levels. Should this scenario unfold, and given BitMine’s average holding cost of approximately $3,513 per ETH, the unrealized loss on its ETH holdings could increase to around $10.1 billion. Nevertheless, despite the growing unrealized losses, Tom Lee remains committed to his long-term accumulation strategy and has stated he will not abandon his ETH reserve plan, aiming to hold 5% of Ethereum’s total supply by December this year.
Tom Lee's BitMine faces a $101 billion unrealized loss on ETH if the price drops to $1,600.
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Summary
ETH price weakness has pushed Tom Lee’s BitMine into a $73.5 billion unrealized loss on its ETH holdings, according to TechFlow. ETH is near the lower boundary of a bearish ascending wedge, with a potential drop to $1,600 signaling a 25% decline; at that level, losses could rise to $101 billion. Lee remains focused on accumulating ETH, aiming to hold 5% of the total supply by 2026. Traders are also monitoring key altcoins amid broader market uncertainty.
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