Analysis firm 10x Research revealed that the company Bitmine is facing $8.8 billion in losses on its Ether holdings. This figure even exceeds the deficit recorded by customers during the FTX collapse. Consequently, these findings have raised alarms regarding Ethereum’s valuation in the current market.
The disclosed data highlights a worrying weakness in institutional demand while the asset’s price retreats to levels not seen since 2021. This outlook presents a critical divergence in capital allocation, suggesting that governance decisions and timing have eroded long-term accumulated value.
From now on, investors will be watching closely to see if the current price represents a cyclical bottom or the beginning of deep structural damage to the ecosystem. Ethereum’s valuation stands at a turning point where its fundamental value proposition will be tested against institutional selling pressure.
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