Ethereum's continued decline leads to Bitmine's book losses of approximately 8.8 billions USD, with institutional holding pressure intensifying

ChainCatcher reported that as the crypto market continues to decline, corporate Ethereum reserve companies are facing increasing pressure. The world's largest ETH holding institution, Bitmine, has recorded a paper loss of approximately 8.8 billions USD, with the current ETH price far below its average entry cost of $3,843, representing a 60% drop over the past six months. Despite the expanding unrealized loss, Bitmine increased its holdings by 45,749 ETH last week at an average cost of about $1,992, demonstrating its unwavering confidence in the long-term value of Ethereum.