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I just saw that BitMines is reporting significant unrealized losses in its Ethereum portfolio. With 14.6 billion in ETH holdings and an unrealized decline of 3.5 billion, the situation looks complicated as the price remains around $2,320.
The interesting thing is that while some vault funds are liquidating positions, large investors like Liquid Capital continue to buy aggressively. We're talking about 1.72 billion in recent purchases and plans to add another 1 billion. BitMines and other institutional players clearly see this as an opportunity.
Valuation models suggest that ETH could be quite undervalued at these levels, with a potential increase of nearly 45% toward $4,200. BitMines will remain key in how the price consolidation evolves in the coming weeks.