Tom Lee’s Ethereum portfolio down $7.35B as ETH price outlook worsens

Tom Lee’s BitMine faces astir $7.3 cardinal successful insubstantial losses connected its Ethereum treasury arsenic Ether (ETH) traders measurement worsening sentiment, ETF outflows and a bearish illustration setup pointing toward $1,600.

Key takeaways:

• Bitmine keeps buying ETH adjacent arsenic its losses equine amid the 57% terms drawdown from the August 2025 high.
• ETH terms technicals pass of a 25% drop, which would propulsion Bitmine's losses implicit $10 billion.

Bitmine's ETH treasury dashboard. Source: DropStab.COM

Lee continues buying ETH contempt mounting losses

Ether has fallen much than 57% from its October 2025 highest adjacent $4,955 connected Coinbase, with the sell-off besides eroding Ethereum’s marketplace share. ETH’s dominance (ETH.D) has dropped to astir 10%, down from astir 15% successful August 2025.

ETH.D vs. ETH/USD regular show chart. Source: TradingView

BitMine began gathering its Ethereum treasury successful July 2025, days aft closing a $250 cardinal backstage placement to money the strategy. By July 14, the institution disclosed holdings of 163,142 ETH, worthy astir $500 cardinal astatine the time.

As of past week, BitMine held 5.28 cardinal ETH, oregon astir 4.37% of Ethereum’s full supply, making it the world’s largest publically traded Ether treasury company. That means Tom Lee’s steadfast kept accumulating ETH done the drawdown, adjacent arsenic its losses widened.

Lee has not treated the losses arsenic a crushed to retreat. In February, helium argued that ETH’s steep drawdown whitethorn connection different buying opportunity, citing Ethereum’s past of V-shaped recoveries aft 50%-plus declines.

Related: Ether pullback was ‘attractive opportunity’ for 71,672 ETH buy: Bitmine’s Lee

In May, BitMine said it would mean the gait of its ETH purchases, but not wantonness the strategy.

The institution inactive expects to scope its extremity of owning 5% of Ethereum’s full proviso by December, signaling that Lee’s strategy remains focused connected semipermanent accumulation contempt widening insubstantial losses.

Bitmine's losses whitethorn swell to implicit $10 cardinal if ETH falls further

BitMine could spot its Ethereum insubstantial losses swell to implicit $10 cardinal if ETH’s prevailing bearish setup plays retired arsenic intended.

As of Sunday, ETH was hovering adjacent the little inclination enactment of its prevailing rising wedge, a bearish reversal signifier that often signals fading purchaser momentum.

ETH/USD regular chart. Source: TradingView

A confirmed breakdown beneath that enactment could trigger a measured determination toward the $1,600 area, down astir 25% from existent prices, by July oregon August. The people comes from subtracting the wedge’s maximum tallness from the breakdown point.

Conversely, a decisive rebound from the little bound whitethorn summation the likelihood of a 19%–20% emergence toward $2,530, aligning with the wedge's precocious bound and the 200-day exponential moving mean (200-day EMA, bluish line).

The breakdown script would rise BitMine’s unrealized losses to astir $10.1 billion, based connected its reported 5.28 cardinal ETH holdings and mean acquisition terms of $3,513.

Ethereum traders flip bearish

Ether's bearish method setup overlaps with respective different headwinds, specified arsenic caller Ethereum Foundation departures, persistent ETH ETF outflows, and weakening societal media sentiment.

ETH sentiment deteriorated sharply successful May, with the bullish-to-bearish remark ratio falling from supra 2:1 successful precocious April to astir 1:1, according to on-chain information level Santiment.

Ethereum societal media sentiment. Source: Santiment

"Historically, this benignant of deterioration tends to hap erstwhile traders suffer assurance successful an asset’s short-term direction," it said successful a Friday report, adding:

"Crypto traders thin to go highly affectional during periods of underperformance, and ETH has progressively go viewed arsenic 'dead money' compared to assets that person shown overmuch stronger momentum successful 2026."