Tom Lee’s $5.8B ETH Fiasco: A Masterclass in Optimism or Delusion?

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Tom Lee, the financial world’s answer to a gambler who’s convinced the next roll is his lucky break, has led Bitmine into a $5.8 billion hole with ETH. But like a man who’s lost his keys and keeps patting the same spot on his pants, he’s still buying. Because, you know, this time it’s different.

Bitmine, under Lee’s stewardship, has amassed unrealized losses of $5.85 billion on ETH, having purchased at an average price of $3,650. The current market price? A humble $2,300. But hey, who needs green when you can have hope?

According to Arkham on X, Lee’s wallet has been busier than a squirrel in a nut factory, transferring $46.04 million worth of ETH. Because nothing says “strategic move” like throwing good money after bad. The company recently added another $40 million in tokens, because why stop digging when you’re already in a hole?

TOM LEE IS DOWN $5 BILLION… BUT HE’S STILL BUYING

Tom Lee’s Bitmine is now down a total of $5.85 BILLION on ETH, which they purchased at an average price of ~$3650.

However: they just bought another $40M ETH. A fresh wallet received $46.04M ETH matching existing Bitmine…

– Arkham (@arkham)

Source: Arkham

Bitmine is one of the biggest institutional ETH bets, operating under the philosophy that if you repeat “long-term strategy” enough times, the losses will magically disappear. Spoiler: they won’t.

Every Single Buy Remains Deep Red

Since July, Bitmine has been on a buying spree that makes Black Friday shoppers look rational. Not a single purchase has turned green. The fund now owns 243,765 ETH with $560 million in unrealized losses. According to Coin Bureau, their average buy price is still above the current $2,300 tag. Because nothing says “financial acumen” like consistently overpaying.

💸 TOM LEE’S ETH BET IS STILL LOSING

Bitmine is still sitting on -$560M in unrealized losses, with 243,765 in the red.

WORST part is, every single ETH they’ve bought since they began accumulating in July is DOWN.

That means Bitmine’s average buy cost is still ABOVE ETH’s…

– Coin Bureau (@coinbureau)

Source: Coinbureau

Last week, they purchased 41,788,788 ETH at around $2,488, resulting in a loss of $7.8 million. The price then promptly dropped, leaving their position underwater. Because, of course it did.

Bitmine’s unwavering commitment to a crumbling market is either a sign of unshakable belief or a refusal to admit a mistake. Their dollar-cost averaging strategy is like trying to bail out a sinking ship with a teacup-slow, futile, and kind of sad.

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Analysts See Different Picture Emerging

According to market representatives, the macro indicators are favorable: ETH is on a long-term upward trend, the ISM index is above 50, and global liquidity is expanding. Because nothing says “bull market” like a manufacturing index and a lot of wishful thinking.

0xChainMind claims these are the precursors to a robust ETH acceleration, predicting a significant alt-season movement and a potential trend reversal. Because if you squint hard enough, every cloud has a silver lining-even a $5.8 billion one.

ETH is still respecting its long-term rising channel

ISM is back above 50 while global liquidity is expanding

Historically, this combo aligns with strong trend acceleration

Biggest altseason is coming

– 𝗖𝗛𝗔𝗜𝗡 𝗠𝗜𝗡𝗗 ⛓🧠 (@0xChainMind)

Source: 0xChainMind

Bullish macro conditions are supposedly on the horizon, with increasing liquidity favoring risk assets. Because what could possibly go wrong with betting on economic growth in a market as stable as a three-legged chair?

Bitmine continues its accumulation strategy, showing no signs of capitulation. Each purchase strengthens their average-down approach, which is either genius or the financial equivalent of rearranging deck chairs on the Titanic.

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2026-02-05 03:57