Ethereum Dips Below $3,500 as Bitmine and SharpLink Face About $1.91B in Unrealized Losses

As of November 4, COINOTAG News reported on-chain data from analyst Yu Jin showing ETH trading below the $3,500 level. The two leading ETH treasury positions carry notable mark-to-market exposure: Bitmine holds 3,395,422 ETH, valued at about $11.88 billion, with an average cost of $4,037 per ETH, yielding an unrealized loss near $1.82 billion. This underscores downside risk in large crypto holdings and highlights key on-chain liquidity and risk metrics for treasury management.

Separately, SharpLink controls 860,299 ETH (roughly $3.01 billion) with an average cost of $3,609 per ETH, resulting in an unrealized loss of about $93.77 million. Together, the figures show current mark-to-market pressure on major ETH treasuries and may inform risk management strategies and market sentiment, without implying a directional price forecast.