February 5 News: Ethereum prices continue to decline, approaching the $2,000 mark, causing the market value of the 4.2 million ETH held by BitMine to significantly shrink, with unrealized losses exceeding $7 billion. Currently, the total value of Ethereum held by BitMine is approximately $8.93 billion, compared to its purchase cost of about $15 billion, resulting in an unrealized loss of over 40%, highlighting the severity of market pressure.
Despite facing substantial losses, BitMine continues to increase its Ethereum holdings, recently acquiring 41,788 ETH, demonstrating the company’s confidence in Ethereum’s long-term potential. BitMine founder Tom Lee stated on social media that the unrealized losses in the treasury are an inherent feature of the strategy, not a mistake, and emphasized that Ethereum is the future of finance.
The global cryptocurrency market has recently experienced a large-scale sell-off, with the total market capitalization dropping to around $2.4 trillion, evaporating nearly 7% in a single day. Ethereum’s price has seen particularly sharp declines on weekly and monthly charts, with investors worried about the difficulty in maintaining the $2,000 level. Although warnings from Vitalik Buterin about Layer 2 networks like Polygon, Base, and Arbitrum have brought some bullish expectations, overall market sentiment remains cautious.
Meanwhile, BitMine-related stock BMNR is under pressure, closing nearly 10% lower at $20.30 on Wednesday; BitMine’s stock closed at $19.40, down about 5% for the day. Market analysts pointed out that if Ethereum continues to decline and breaks through key support levels, it could trigger broader market liquidations and capital outflows.
Overall, Ethereum falling below $2,000 not only impacts BitMine’s treasury strategy but also intensifies panic across the broader crypto market. Investors should monitor Bitcoin and major altcoins’ movements, as well as institutional accumulation and market capital flow changes, to prepare for potential short-term crashes.
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