BitMine shares face downside risk amid sharp outflows from Ethereum ETFs

• The declining price of Ethereum is creating unrealized losses for BitMine, a company accumulating $ETH.
• Combined with outflows from Ethereum ETFs, BitMine shares could fall significantly in price.

BitMine, the largest holder of Ethereum, may face major problems this year. The company currently holds 5.28 million Ethereum tokens, representing 4.37% of the circulating supply.

Ethereum’s price is now approaching a local correction after falling 18% from its May peak this year. On May 30, $ETH was trading at $2,023, down 30% from July 2025, when BitMine began accumulating, and down 60% from last year’s high.

The decline implies growing unrealized losses. In its latest reports, the company reported an unrealized net loss of $3.8 billion, and this trend may continue in the near future.

$ETH fundamentals have continued to weaken this year. In particular, data shows that spot Ethereum ETFs saw $540 million in outflows in May, the worst month of the year. In total, these funds have lost nearly $1 billion in assets this year.

Ethereum’s dominance in key areas also continues to deteriorate. For example, the total value locked (TVL) in its decentralized finance (DeFi) ecosystem has fallen to $42 billion from last year’s high of $88 billion.

Defillama data

At the same time, the continued decline in Ethereum’s price has helped BitMine accelerate the implementation of its dollar-cost averaging strategy. The idea is that investors buy a falling asset over a long period in the hope of benefiting more when it recovers.

BitMine share chart. TradingView data

Technical analysis indicates that BMNR shares are at an important support level. The price has fallen to $19.27, while the critical support level is located at $18.30, the lowest level seen in February, March, and May.

The share price has fallen below the 50-day moving average and gradual...

See also: "EU taxes on crypto assets and digital services could bring the budget up to €11 billion a year"

#BitMine #Shares #Price drop

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