ETH Crash Inflicts $6 Billion Loss on BitMine: Market Tenses

Shock Effects of Ether's Decline

In the crypto market, Ether's sharp decline caused BitMine Immersion Technologies, a publicly traded crypto treasury holder linked to Tom Lee, to suffer over $6 billion in unrealized losses. The company increased its total holdings to 4.24 million ETH by acquiring 40,302 ETH last week; this amount is now worth approximately $9.6 billion, down from $13.9 billion at its October peak. As Ether's price heads toward $2,300, high leverage and crowded positions increased selling pressure (Dropstab data).

The US Treasury Department targeted two UK-based crypto exchanges linked to Iran's financial system with sanctions, including digital asset platforms directly for the first time. The sanctions also cover Iran's Interior Minister Eskandar Momeni Kalagari and businessman Babak Morteza Zanjani accused of money laundering. Bitcoin, around $83,000 with a $1.65 trillion market cap, lost its place among the world's top 10 assets and fell to 11th; $1.6 billion in long position liquidations triggered sales.

Quick News Update

Bitcoin fell below MicroStrategy's cost basis ($76,037) for the first time since October 2023 and broke the $80,000 level for the first time since April 2025. While the Dollar Index (DXY) rose 0.4%, BTC fell 4%, gold 2.5%, and Nasdaq 0.8%; speculations that Walsh will be the new FED Chair are pressuring the market (February 1, 2026).

ETH Technical Analysis Summary

• Price: $2,438.68 | 24h Change: -9.31%
• RSI: 26.41 (Oversold)
• Trend: Downtrend | Supertrend: Bearish
• EMA 20: $2,897
• Supports: S1 $2,250 (Strong, 74% score)
• Resistances: R1 $2,450 (Strong, 70% score)

Market Alert

With sanctions and macro pressures, ETH may test the $2,250 support. Investors should be cautious in leveraged positions; recovery possible at R1 $2,450.