Ether corporate treasury bonds are coming under increasing pressure as the cryptocurrency market crisis deepens, with analysts warning that the market is approaching a decisive phase for investing in Ether.
Bitmine Immersion Technologies, one of the largest corporate holders of Ether (ETH), suffers a huge unrealized loss because ETH quotes are much lower than the company’s average purchase price, According to to Bitminetracker’s third-party tracker. Some estimates put Bitmine’s paper losses at $8.8 billion after the price of Ether fell in recent months.
ETH’s price has dropped 60% over the past six months, well below Bitmine’s average cost of $3,843 per token, according to Bitminetracker data.
Crypto Research Point 10x Research he said As of Monday, Ether is currently trading near valuation and cost basis levels that test whether an asset is simply in a cyclical downturn or entering a period of deeper, structural weakness.
“Investors must therefore carefully assess whether an asset is simply in a cyclical crisis or is entering a phase of deeper structural impairment.”
Bitmine continues to buy ETH despite mounting paper losses. Last week, Bitmine acquired 45,749 Ether at an average total cost of $1,992 per ETH, signaling confidence in the world’s largest Ether treasury company.
Gigantic Wall Street participants maintain exposure to Bitmine despite the market downturn.
Bitmine’s 11 largest shareholders, including Morgan Stanley, Ark Investment Management and asset manager BlackRock, increased their exposure to the treasury company in the fourth quarter of 2025.
Bitmine’s share price has fallen approximately 59% over the past six months and traded at $19.68 on the pre-market Monday. data from Google Finance showed.
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Corporate ether holders face mounting losses amid a downtrend
Other leading Ether treasuries have also felt pressure from the cryptocurrency market downturn.
SharpLink Gaming, the second-largest Ether treasury company, is currently facing a $1.4 billion paper loss as ETH is trading below its average base cost of $3,609, according to a company report panel.
The Ether Machine, the third-largest corporate holder, is close to $948 million in unrealized losses as it acquired its 496,712 shares of Ether now worth $950 million at an average price of $3,788. According to this CoinGecko.
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Sharp money shorts ETH by $67 million as whales boost spot investments
Leading cryptocurrency investors by returns, known as the “smart money,” continue to bet on Ether falling.
According to the crypto intelligence platform, sharp money traders added $1.48 million in low positions and lost a net $67 million worth of Ether in the last 24 hours Nansen.
Still, whales, or huge cryptocurrency investors, increased their rate of spot ETH accumulation more than sixfold over the past week, as this cohort acquired $44 million in spot ETH across 41 wallets, according to Nansen.
Fresh wallets created over the last 15 days also bought $245 million worth of spot Ether tokens, potentially signaling that modern entrants to the cryptocurrency market are net buyers.
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