Data compiled by Woofun AI shows that BitMine (BMNR) holds 5.28 million ETH, representing approximately 4.37% of the total supply. As ETH retraced over 57% from its October 2025 peak, the company's unrealized loss expanded to $7.35 billion. Since deploying its treasury strategy in July 2025, BitMine has maintained an average holding cost of $3,513, continuing accumulation despite the downturn.

Concurrently, market sentiment deteriorates as ETH faces pressure from ETF outflows and Ethereum Foundation personnel changes. Analysts warn of a bearish rising wedge pattern; a break below key support could drive ETH to $1,600, potentially widening BitMine's unrealized loss beyond $10 billion.