Ethereum Dip Triggers Massive Losses For Crypto Treasuries

Ethereum dropped nearly 30 % in one month, breaking the symbolic $3,000 threshold. This brutal setback endangers the finances of an entire segment of the crypto ecosystem. Behind the curve, companies exposed to ETH see a year of gains evaporate.

Billions of Dollars of Unrealized Losses on Ethereum

The recent drop of Ether (ETH) below $3,000 has abruptly put several Web3 companies that structured their treasury in ETH in difficulty.

According to an analysis by Capriole Investments, the majority of Digital Asset Treasuries (DAT) now record unrealized losses ranging from -25 % to -48 % on their positions. These still unrealized losses weigh heavily on balance sheets.

The company BitMine Immersion Technologies, which holds 3.56 million ETH, or 2.94 % of Ethereum’s circulating supply, is one of the largest examples. Indeed, “BitMine is currently at a loss of $1,000 per ETH purchased, amounting to a cumulative loss of $3.7 billion across all its holdings”. Other major sector players, such as Galaxy Digital, The Ether Machine, and SharpLink, are experiencing similar losses on positions taken at the highest levels.

Beyond capital losses, signs of financial fragility are multiplying. The mNAV ratio (market value to net asset value) of many of these companies is now below 1, indicating that their digital assets are worth less on the market than on their balance sheets. This situation directly impacts their capacity to raise funds or refinance their operations. Here are the main quantified findings noted by Capriole :

• BitMine Immersion Technologies : -28 % over 7 days and -45 % over 30 days, representing an unrealized loss of $3.7 billion ;

• The Ether Machine, Galaxy Digital, SharpLink : losses ranging from -50 % to -80 % on their ETH positions compared to yearly highs ;

• The top 10 DATs : all show negative returns over weekly and daily periods ;

• The mNAV Ratio < 1 : this technical threshold reflects a weakening of the market’s perceived valuation, which could hinder or make future capital raises impossible.

These on-chain data reveal increasing pressure on the balance sheets of companies heavily exposed to Ethereum. If prices continue to fall or decline further, some companies might be forced into defensive arbitrages: asset sales, restructurings, or even freezing projects to preserve solvency.

A Previously Seen Bearish Scenario

The current market setup is reminiscent of 2022. Back then, a chart pattern identified as a bearish fractal had anticipated a massive pullback of the ether price.

Today, the same structure appears to be repeating, with a sequence marked by a sharp drop from a peak, followed by a retreat towards the 200-week moving average, currently around $2,450. The weekly super trend has triggered a sell signal, an indicator previously observed last March, just before a -66 % correction, and in January 2022, preceding an -82 % collapse.

Alongside these alarming technical signals, institutional flows are drying up. The latest data indicate that since November 11, 2025, the combined ETH reserves held by ETFs and strategic funds have dropped by 280,414 ETH.

If this trend continues, Ethereum could face a double challenge: a loss of market confidence and erosion of its structural supports, whether financial or technical. The prospect of a return to the $2,500 level, after breaking the $4,000 mark, is no longer theoretical, as it is now supported by concrete data, both chart-related and behavioral.