Ethereum investor Bitmine suffered more than $6.9 billion in paper losses

Bitmine, led by Fundstrat co-founder Tom Lee, faces unrealized losses of about $6.9 billion on its Ethereum holdings after the value of its investment fell from about $15.7 billion to about $9.2 billion, according to Dropstab data.

The losses come amid a sharp decline in the digital currency market, which has wiped out nearly $500 billion in market value and seen Ethereum trade near its lowest level in seven months.

Meanwhile, buy positions on Ethereum were liquidated for more than $485 million in one day, according to CryptoQuant data.

While some whales moved Ethereum to exchanges to repay loans, other major players purchased Ethereum via over-the-counter (OTC) transactions, reflecting differing views on the currency’s immediate path.

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