[Tom Lee: BitMine's ETH Unrealized Loss May Expand to $10.1 Billion]
According to a report by Cointelegraph, as Ethereum continues to weaken, the unrealized loss on BitMine's ETH reserves, owned by Tom Lee, has expanded to approximately $7.35 billion. Analysts suggest that ETH is currently near the lower edge of a bearish 'rising wedge' structure. If it breaks below the support level, the price could drop to the $1,600 range, representing a decline of about 25% from the current level. Should this scenario occur, based on BitMine's average holding cost of approximately $3,513 per ETH, the unrealized loss on its ETH holdings could expand to around $10.1 billion. Despite the increase in unrealized losses, Tom Lee stated that he will adhere to a long-term accumulation strategy, aiming to hold 5% of Ethereum's total supply by December this year.
