I just saw that BitMines reports quite interesting numbers in their Ethereum holdings. They have around 14.6 billion in ETH, but with unrealized losses of about 3.5 billion while the price remains near $2,310 these days.

The curious thing is the dynamic happening now: while some troubled funds are selling their positions, major investors like Liquid Capital are buying heavily. I just read that they invested 1.72 billion in ETH and plan to inject another billion. That is the opposite of what panicked sellers are doing.

Valuation models suggest that Ethereum could be quite undervalued at this point, with an upward potential of 45% if we reach $4,200. BitMines and other large accumulators clearly bet that the price has a lot of room to grow. Interesting to see how those who truly understand the topic position themselves while others are running away.