Bitmine has unrealized shortfalls totaling $5.85 billion on its purchases of ETH at an average of around $3,650. The market price is around $2,300.
According to Arkham on X, the purchases have continued. A wallet actively transferred an amount of ETH to the tune of $46.04 million in line with Bitmine’s current buying trend. The company purchased another 40 million tokens.
TOM LEE IS LOW 5 BILLION… BUT HE STILL BUYS $ETH
Tom Lee’s Bitmine has now lost a total of $5.85 BILLION on ETH, which they bought at an average price of ~$3650.
However: they just bought another $40 million ETH. A new wallet received $46.04 million ETH matching existing Bitmine… pic.twitter.com/f3F5fwCMcX
— Arkham (@arkham) February 3, 2026
Source: Arkham
Bitmine is one of the largest institutional ETH bets. The country adopts a long-term accumulation strategy without fear of changes in short-term prices.
Every purchase remains deep red
Bitmine started making purchases in July and none of these purchases have turned green. The fund owns 243,765 ETH with 560 million unrealized losses. According to Coin Bureau, the average price per ETH exceeds the existing price tag of $2,300.
💸 TOM LEE’S ETH BET IS STILL LOSING
Bitmine is still dealing with -$560 million in unrealized losses, with 243,765 $ETH in red.
THE WORST part is that every ETH they have bought since they started accumulating in July is DOWN.
That means Bitmine’s average purchase cost is still ABOVE that of ETH… pic.twitter.com/1t4iJ9fzkR
— Muntbureau (@coinbureau) February 3, 2026
Source: Mint Bureau
The week before, 41,788,788 ETH was purchased at a price of approximately 2,488, resulting in a loss of 7.8 million. The price continued to fall after the purchase, leaving the position underwater.
Steadfastly investing funds in a crumbling market is a sign of firm faith. Bitmine engages in dollar cost averaging at the institutional level by lowering the average entry cost by a small margin per purchase.
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Analysts see a different picture emerging
According to market representativesThe macro indicators are favorable: ETH is on a long-term upward trend, the ISM index is above 50 and global liquidity is increasing.
According to 0xChainMind, these are the historically preparatory foundations for robust ETH acceleration. According to the analyst, there will be significant movements during the other season and a potential trend reversal.
ETH is still respecting its long-term bullish channel
ISM is back above 50 as global liquidity increases
Historically, this combo ties in with strong $ETH trend acceleration
The biggest alt season is coming pic.twitter.com/emYjbyJsCA
— 𝗖𝗛𝗔𝗜𝗡 𝗠𝗜𝗡𝗗 ⛓🧠 (@0xChainMind) February 3, 2026
Source: 0xChainMind
In the historical data, bullish macro conditions are about to emerge, with increasing liquidity favoring risky assets. A production index above 50 indicates economic growth that could boost crypto values.
Bitmine maintains its accumulation level and shows no signs of capitulation; each acquisition reinforces its average-down strategy.
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