{"id":5181,"date":"2026-06-18T15:15:32","date_gmt":"2026-06-18T15:15:32","guid":{"rendered":"https:\/\/tradertideinsights.com\/?p=5181"},"modified":"2026-06-18T15:15:32","modified_gmt":"2026-06-18T15:15:32","slug":"bitmine-stock-tom-lees-ethereum-bet-backfires-as-key-metrics-plunge","status":"publish","type":"post","link":"https:\/\/tradertideinsights.com\/?p=5181","title":{"rendered":"BitMine stock: Tom Lee\u2019s Ethereum bet backfires as key metrics plunge"},"content":{"rendered":"<div><\/div>\n<p class=\"wp-block-paragraph\">BitMine stock price has crashed this year as Tom Lee\u2019s Ethereum bet backfires. BMNR dropped to $15.70 on Wednesday, down substantially from last year\u2019s high of $160. This retreat may continue as Cathie Wood pares back her holdings and as the Ethereum price remains under pressure.<\/p>\n<h2 class=\"wp-block-heading\">BitMine stock has slipped amid soaring unrealized losses<\/h2>\n<p class=\"wp-block-paragraph\">Tom Lee\u2019s BitMine stock has plunged by 53% this year, lagging behind the broader market as top indices like the Nasdaq 100 and S&amp;P 500 have soared to their record highs.<\/p>\n<p class=\"wp-block-paragraph\">The retreat happened as <a href=\"https:\/\/invezz.com\/news\/2026\/05\/29\/why-ethereum-must-hold-above-1800-to-avoid-further-sell-off\/\">Ethereum, its main asset, retreated<\/a> by 15% this year amid the broader crypto market weakness. Also, it happened as the company continued issuing new shares to buy these coins.<\/p>\n<p class=\"wp-block-paragraph\">BitMine has bought over 342k Ethereum coins in the last 30 days, bringing its total amount to 5.62 million. This means that the company will likely cross the crucial 6 million milestone in July or early August.<\/p>\n<p class=\"wp-block-paragraph\">BitMine\u2019s unrealized losses have continued rising this year. In its recent statement, the company said that it had suffered a loss of close to $10 billion as Ethereum slumped from last year\u2019s high of $4,950 to $1,735 today. This explains why Cathie Wood, one of its earliest backers, has started selling shares at a loss.<\/p>\n<h2 class=\"wp-block-heading\">Ethereum\u2019s technicals and fundamentals have worsened<\/h2>\n<p class=\"wp-block-paragraph\">BitMine believes that Ethereum is one of the best assets in the crypto industry because of its large market share in key areas like stablecoins, decentralized finance, and real-world asset tokenization.&nbsp;<\/p>\n<p class=\"wp-block-paragraph\">Its long track record of stability and decentralization has made it the chain of choice among developers and companies launching new projects on-chain.<\/p>\n<p class=\"wp-block-paragraph\">However, third-party data shows that its business is deteriorating this year. The most important metric is that its network has generated just $87 million in fees this year, down from $9.9 billion in 2021. Ethereum is now being beaten by top players like Tron and Hyperliquid in this metric.<\/p>\n<p class=\"wp-block-paragraph\">More data shows that Ethereum is losing momentum. For example, the total value locked (TVL) in its decentralized finance (DeFi) ecosystem has tumbled from over $90 billion last year to $37 billion today. Aave, its biggest protocol, came on the verge of collapsing after the recent <a href=\"https:\/\/invezz.com\/news\/2026\/04\/23\/majority-of-kelp-dao-exploit-funds-moved-through-thorchain\/\">KelpDAO hack<\/a>.<\/p>\n<p class=\"wp-block-paragraph\">Ethereum has also lost momentum among users. Its active addresses dropped to 435k from a record high of 6.12 million in 2021.<\/p>\n<figure class=\"wp-block-image size-full\"><\/figure>\n<p class=\"wp-block-paragraph\"><em>Ethereum active addresses have slumped | Source: DeFi Llama<\/em><\/p>\n<p class=\"wp-block-paragraph\">Technicals also show that Ethereum is at risk of further weakness. On the weekly chart, it has slumped below the 50-week moving average. It has also slumped below the key support of $1,733, its lowest level in February. It is also attempting to drop below the 78.2% retracement level.<\/p>\n<figure class=\"wp-block-image size-full\"><\/figure>\n<p class=\"wp-block-paragraph\"><em>ETH price chart | Source: TradingView<\/em><\/p>\n<p class=\"wp-block-paragraph\">Therefore, the path of the least resistance for ETH is bearish, with the next key target to watch being at $1,500. Such a drop will reduce the value of BitMine\u2019s assets from the current $9.7 billion to $8.4 billion.<\/p>\n<h2 class=\"wp-block-heading\">BMNR stock price analysis<\/h2>\n<figure class=\"wp-block-image size-full\"><\/figure>\n<p class=\"wp-block-paragraph\"><em>BMNR stock chart | Source: TradingView<\/em><\/p>\n<p class=\"wp-block-paragraph\">The daily chart shows that Ethereum price has made a bearish breakout in the past few days. It moved below the key support of $17.55, the lower side of the horizontal channel that formed between February and June.<\/p>\n<p class=\"wp-block-paragraph\">The stock has also retested the lower side of the range. It also remains below the 50-day moving average. Therefore, there is a risk that it will continue falling in the near term, potentially to the key support levels of $15, followed by $10.<\/p>\n<p>The post <a href=\"https:\/\/invezz.com\/news\/2026\/06\/18\/bitmine-stock-tom-lees-ethereum-bet-backfires-as-key-metrics-plunge\/\">BitMine stock: Tom Lee\u2019s Ethereum bet backfires as key metrics plunge<\/a> appeared first on <a href=\"https:\/\/invezz.com\">Invezz<\/a><\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitMine stock price has crashed this year as Tom Lee\u2019s Ethereum bet backfires. BMNR dropped to $15.70 on Wednesday, down substantially from last year\u2019s high of $160. This retreat may continue as Cathie Wood pares back her holdings and as the Ethereum price remains under pressure.BitMine stock has slipped amid soaring unrealized lossesTom Lee\u2019s BitMine&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"_links":{"self":[{"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=\/wp\/v2\/posts\/5181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5181"}],"version-history":[{"count":0,"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=\/wp\/v2\/posts\/5181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=\/wp\/v2\/media\/5182"}],"wp:attachment":[{"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradertideinsights.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}