Analysis: If ETH falls to $1,600, BitMine—Tom Lee’s firm—could face unrealized losses exceeding $10 billion on its ETH holdings.

According to Cointelegraph, as Ethereum continues to weaken, BitMine—founded by Tom Lee—has seen its unrealized ETH losses widen to approximately $7.35 billion. Analysis indicates that ETH is currently trading near the lower boundary of a classic bearish “rising wedge” pattern; if it breaks below key support effectively, the price could fall further to the $1,600 region—a decline of roughly 25% from current levels. Should this scenario unfold, BitMine’s unrealized losses on its ETH holdings—which have an average cost basis of approximately $3,513—could expand to around $10.1 billion. Nevertheless, despite mounting unrealized losses, Tom Lee remains committed to his long-term accumulation strategy and states he will not abandon his ETH reserve plan, aiming to hold 5% of Ethereum’s total supply by December this year.