This is the part people gloss over when they hype “institutional conviction.”
Bitmine is still deep underwater. Around $560M in unrealized losses, with 243,765 ETH sitting in the red. And here’s the brutal truth: every single $ETH they’ve bought since July is down. No cherry picking. No lucky entry. All red.
That tells you their average cost is still above current price, with ETH hovering near $2,300. Even last week’s dip buy didn’t save them. The 41,788 ETH bought around $2,488 is already showing roughly $7.8M in unrealized losses.
I’ve seen this movie before. Buying the dip only works if the dip actually ends. Sometimes it doesn’t. Sometimes price just keeps bleeding while conviction gets tested day after day.
This doesn’t mean ETH is dead. It does mean size matters, timing matters, and “long term” sounds very different when you are down hundreds of millions on paper. Institutions feel pain too. They just have bigger balance sheets to absorb it.
No relief yet. No bounce to lean on. Just patience, drawdowns, and the reality of catching a falling market with size.
