Tom Lee’s $8.9 billion “paper loss” looks terrifying, but the $250k target price is even more frightening—either you become a legend, or you’re immortalized on the Fengshen榜. The on-chain whales’ willingness to bet truly isn’t something retail investors can learn.

Coin Research Network reports that Ethereum (ETH) has fallen below $1,800, causing Tom Lee’s Bitmine (BMNR) to face an estimated paper loss of about $8.9 billion. As the largest corporate holder of Ethereum, Bitmine’s stock price fell another 5.9% on Wednesday, bringing its total decline to 28% since early May. Over the past year, the company has accumulated more than 5.4 million ETH, accounting for about 4.5% of Ethereum’s circulating supply. However, as the price of Ethereum has dropped, the value of these holdings has significantly shrunk, and the current estimated loss is about $8.9 billion. In a recent meeting, Lee said that despite pressure in the current market, he remains optimistic about Ethereum’s long-term outlook and believes it could reach $250,000 in the future.