Tom Lee‘s BitMine Immersion Technologies (NYSE:BMNR) stock has crashed to a crucial support level, and the ongoing Ethereum performance suggests that it may continue falling further.
BitMine Stock Facing Headwinds as Ethereum ETF Outflows Jump
BitMine, the biggest Ethereum (CRYPTO: ETH) accumulator, has continued facing major challenges this year. It now holds 5.28 million in Ethereum tokens, accounting for 4.37% of the market capitalization.
Ethereum is nearing a local correction after falling by 18% from its highest point in May this year. It was trading at $2,023 today, May 30, down by 30% since July when BitMine started its accumulation and 60% from its highest point last year.
The ongoing retreat means that its unrealized losses are rising. In its most recent results, the company reported a $3.8 billion unrealized net loss, and this trend may continue in the near term.
Ethereum’s fundamentals have continued to weaken this year. For example, data shows that spot Ethereum ETFs suffered $540 million in outflows in May, the worst month of the year. These funds have now lost nearly $1 billion …
