Bitmine Shareholders Face $8.8 Billion Ethereum Loss

Bitmine Immersion Technologies' shareholders have accumulated significant losses on their Ethereum holdings, with an estimated $8.8 billion in paper losses.

This figure surpasses the approximately $8.0 billion in losses incurred by FTX customers when that exchange collapsed in 2022.

Crypto research firm 10x Research has flagged this comparison, warning that ETH's price has fallen to levels where its fundamental value proposition is being 'structurally tested'.