TechFlow News, May 24: According to a Cointelegraph report, as Ethereum continues to weaken, BitMine—founded by Tom Lee—now faces an unrealized loss of approximately $7.35 billion on its ETH holdings. Analysis indicates that ETH is currently trading near the lower boundary of a classic bearish “rising wedge” pattern; if it breaks below key support convincingly, the price could fall further to the $1,600 level—a decline of roughly 25% from current levels. Should this scenario unfold, and given BitMine’s average acquisition cost of approximately $3,513 per ETH, its unrealized losses could widen to around $10.1 billion. Nevertheless, despite the 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.
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