Ethereum bulls are facing losses of over $8 billion as the broader cryptocurrency market slides into a sharp downturn, triggering liquidations and weakening investor sentiment across the sector.
Top Ethereum Bulls Sitting on Billions in Losses
Blockchain tracker Lookonchain revealed in a recent X post that the top three Ethereum bulls are currently sitting on nearly $8 billion in combined losses amid the market-wide downtrend. According to the on-chain analytics firm, the affected investors include Tom Lee’s Bitmine, veteran trader Garret Jin, widely identified as Bitcoin OG (1011short), and Jack Yi’s Trend Research.
Among the three, Tom Lee’s Bitmine reportedly has the largest loss, at approximately $6.8 billion. Bitmine, currently the largest corporate Ethereum holder, holds roughly 4.24 million ETH tokens purchased at an average price of $3,854. The firm’s heavy exposure has made it particularly vulnerable to the recent price drop.
Garret Jin comes next, recording over $770 million in losses after swapping 35,999 BTC into ETH at an average conversion rate of 0.0406. In addition, Jin incurred another $195 million in losses after liquidating long ETH positions, underscoring the risks of leveraged trading in volatile conditions.
Meanwhile, Jack Yi’s Trend Research recorded the lowest loss among the three, though still significant. The firm purchased 651,000 ETH at an average price of $3,300, worth approximately $1.46 billion, and currently holds an estimated unrealized loss of around $680 million.
Some Bulls Flip Bearish While Others Buy the Dip
Amid the market downturn, some previously bullish investors have flipped bearish and begun selling their ETH holdings. Lookonchain recently flagged a transaction by Trend Research, suggesting the firm could be capitulating. The on-chain tracker reported that Trend Research transferred 10,000 ETH, worth approximately $24.34 million, to Binance, a move often associated with potential selling activity.
Shortly after, Lookonchain also reported that Trend Research has begun selling portions of its ETH holdings to repay its loan on lending protocol Aave. The development signals that market pressure is forcing some large players to de-risk their positions and reduce their leverage exposure.
However, the blockchain analytics firm also noted that while some investors are panic-selling, others are using the dip as an opportunity to accumulate. Among such buyers is an OTC whale that reportedly purchased 30,392 ETH worth approximately $70.12 million during the market downturn, suggesting that some large holders still see long-term value at current price levels.
Ethereum Price Action Remains Fragile Amid Volatility
Ethereum price action remains weak overall, with the asset struggling to hold key technical support levels. Increased intraday volatility has become a defining feature of recent trading sessions, reflecting uncertainty across the broader crypto market.
According to market expert Ted Pillows, Ethereum needs to hold the crucial support zone around $2,000–$2,200 to prevent a deeper correction that could push prices toward its April 2025 low, below $1,900.
Meanwhile, data from CoinMarketCap shows Ethereum trading around $2,291, putting it dangerously close to the lower boundary of this critical support range. This proximity has heightened market anxiety, as a breakdown below the zone could trigger further liquidations and accelerate downside momentum.
Temitope Olajide
The CoinRemark Team
