MicroStrategy’s BTC Gains Evaporate; Bitmine’s ETH Losses Hit $5.92B
On-chain monitoring from analyst Yu Jin reports major institutional holders facing widening unrealized losses. MicroStrategy holds 712,600 BTC at an average cost of $76,037; with BTC near its cost line, most unrealized gains have been erased and a further $3,000 drop would put the firm underwater. Tom Lee’s Bitmine holds 4.243 million ETH at an average cost of $3,849; with ETH around $2.4K the position’s unrealized loss reached $5.92 billion (about -36%), a new high. Trend Research (Yi Lihua) holds 651,500 ETH at an average cost near $3,180 and is currently down $475 million; because leveraged, their liquidation price is near $1,880, roughly $570 below current market levels. The report underscores concentrated institutional exposure and leverage in ETH positions and highlights the risk of further downside triggering liquidations and balance-sheet stress for these firms. This content is for market information and not investment advice.
Bearish
The report highlights erased BTC gains for MicroStrategy and record unrealized ETH losses for Bitmine, with leveraged ETH positions (Trend Research) facing defined liquidation thresholds. Concentrated institutional exposure and significant leverage increase the risk of forced selling if prices fall further. Historically, large unrealized losses and margin liquidations among institutions have translated into downward pressure on spot and futures markets (e.g., 2022 Terra/BTC drawdowns and exchange liquidations). In the short term, markets may see elevated volatility and downside pressure as traders price in potential liquidations and risk-off positioning. In the medium to long term, sustained weakness could force balance-sheet adjustments or asset sales by these holders, prolonging bearish momentum; conversely, a swift rebound in BTC/ETH would reduce liquidation risk and stabilize market sentiment, but current data points to near-term downside vulnerability.