PANews reported on May 24th that, according to Cointelegraph, Tom Lee's BitMine is facing significant paper pressure due to the continued pullback in Ethereum. With Ethereum having retreated more than 57% from its 2025 high, BitMine's current unrealized losses on its ETH holdings have widened to approximately $7.35 billion.

Data shows that BitMine has been consistently increasing its ETH reserves against the market trend since launching its ETH reserve strategy in July 2025. It currently holds approximately 5.28 million ETH, representing about 4.37% of the total Ethereum supply, making it the world's largest listed ETH reserve institution. Its average holding cost is approximately $3,513, while the current price of ETH has fallen to around $2,100.

Despite mounting losses, Tom Lee has not stopped betting. BitMine has previously stated that its goal is to hold 5% of the total Ethereum supply by the end of this year, and that it will only "slow down" rather than stop its buying pace.

However, both the technical and sentiment aspects of the market are deteriorating simultaneously. Analysts point out that ETH is currently approaching the lower edge of a bearish "rising wedge" pattern. If this support is broken, the price could further decline to the $1600 area, a potential drop of approximately 25%. If this scenario materializes, BitMine's unrealized losses could rapidly expand to approximately $10.1 billion.

Meanwhile, market sentiment towards Ethereum has cooled significantly. Data from on-chain analytics platform Santiment shows that the ETH social media long/short comment ratio has rapidly fallen from over 2:1 at the end of April to nearly 1:1. Some traders have even begun referring to ETH as "Dead Money."

Amidst continuous outflows from ETFs, changes in the Ethereum Foundation's leadership, and the diversion of market attention to other high-beta assets, ETH is currently facing one of the most severe confidence tests in recent years.