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Experts Highlight Bitmine’s $1.3 Billion Loss and Warn of a Potential Ethereum Market Crash
The Ethereum (ETH) market has faced a sharp decline in demand after Bitmine, one of the largest institutional buyers of the asset, reportedly suffered losses exceeding $1.3 billion. According to analysts from 10x Research, the company has exhausted its liquidity and can no longer support ETH’s price — creating a significant risk of further market decline.
Analysts noted that in October 2025, Ethereum’s price broke through several key support levels identified in 10x Research’s report “Shorting Ethereum May Be the Smart Move” (published October 31, 2025). Following the report, ETH’s price indeed followed the predicted trend: accelerating downward, ETF inflows reversed into outflows, and retail investor interest dropped to its lowest point in over a year.
At present, the final major support level lies just below current prices — and a confirmed breakdown could trigger a deeper correction and potentially a market crash. Experts warn that the market has not yet fully priced in the impact of Bitmine’s withdrawal from the buying side. Without Bitmine, the supply-demand balance has shifted, and market liquidity has become fragile.
Researchers at 10x Research emphasize that market sentiment toward Ethereum has shifted from “euphoria” to “apathy.” Options data show a rise in short positions, while on-chain metrics indicate increasing exchange outflows — both signs pointing to continued downside potential.
The firm’s analysts believe the current conditions create opportunities for strategic positioning, including protective shorting and derivatives-based hedging. However, they caution that if the next support level fails, the market narrative will shift — from “buying the dip” to “finding an exit.”
See also: "Bitcoin Today: Price Falls Below $105K After $1.3 Billion Liquidation Wave"
