Hunting Ethereum Bulls: 'Whales' Suffer $7 Billion in Losses, Under Collective Scrutiny
"Whale Hunt: Ethereum Bulls Lose $7 Billion as Market Watches"
The crypto market is witnessing a dramatic showdown as two prominent Ethereum "whales," Tom Lee's BitMine and Jack Yi's (易理华) Trend Research, face massive, publicly visible losses on their massive ETH long positions.
BitMine, a former Bitcoin miner turned Ethereum treasury, holds 4.285 million ETH (approx. 3.52% of supply) with an average cost of $3,837. With ETH's price plummeting to around $2,350, the company is sitting on an estimated $6.4 billion unrealized loss. Despite this, BitMine remains committed, holding significant cash reserves and generating over $1 million daily from staking yields.
In stark contrast, Trend Research took a high-risk, leveraged approach. Using a loop of staking ETH on Aave, borrowing USDT, and buying more ETH, the fund amplified its long exposure. The recent crash from $3,000 to nearly $2,150 forced Trend Research into a desperate survival mode. To avoid mass liquidation, it sold 73,588 ETH (worth ~$169 million) to repay loans, realizing millions in losses and creating a negative feedback loop of selling pressure. Its total losses on the leveraged position reached $613 million.
This public struggle highlights the peril of transparent, on-chain leverage, where positions become targets for the entire market. Paradoxically, while these whales bleed, on-chain data shows underlying strength: a record 30%+ of ETH's supply is now staked, indicating long-term conviction and a shift from a speculative asset to a productive, yield-bearing one. This event represents a painful but perhaps necessary deleveraging and redistribution of ETH holdings within the ecosystem.
marsbit4h ago
