#美联储回购协议计划 Ethereum ecosystem key player Bitmine has an unrealized loss of $3.5 billion on ETH. This number looks staggering, and logically, such a large unrealized loss often forces major holders to either liquidate to cut losses or be compelled to dump their holdings, directly impacting market liquidity.

But here’s a key point — unrealized losses are just that, as long as they don’t sell, it’s only a paper loss. The real thing that can scare them is the moment they actually sell.

From another perspective, even whales have to endure this ordeal. However, unlike other market participants, they play a long-term game and are not swayed by short-term fluctuations. Institutional holders like Bitmine are more likely to continue accumulating at the bottom. The dimension of their vision determines their choices.