Bitmine paper loss hits $8.8B as Ether slump tests cyclical thesis

The mounting unrealized losses of Bitmine shareholders and Ether’s 60% decline are signaling a critical inflection point that may define Ether’s medium-term momentum, analysts said.

Corporate Ethereum treasury companies are coming under increasing pressure as the crypto downturn deepens, with analysts warning the market is approaching a make-or-break phase for Ether’s investment case.

Bitmine Immersion Technologies, one of the biggest corporate holders of Ether (ETH), is sitting on a large unrealized loss as ETH trades well below the company’s average acquisition price, according to third-party tracker Bitminetracker. Some estimates put Bitmine’s paper losses in the roughly $8.8 billion range after Ether’s slide over recent months.

ETH’s price fell 60% during the past six months, dropping well below Bitmine’s average cost basis of $3,843 per token, according to Bitminetracker.

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