Ethereum Falls Below $4,100! Bullish Momentum Fails, Institutions Continue to Seize Opportunities to Increase Holdings

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Long Traders Suffer Heavy Losses

Institutional Investors Remain Undeterred in Adding Positions

The recent continuous decline has severely impacted many long traders. According to on-chain data, a trader who started with a capital of $120,000 to roll over long positions in Ethereum saw their account value peak at $43 million. However, due to a lack of timely profit-taking, their net worth plummeted to approximately $7 million after closing positions yesterday. Even more regrettably, after closing their positions, the trader leveraged again to go long on Ethereum, resulting in an additional loss of $6.22 million. Ultimately, the trader’s account value dwindled to just $770,000, with gains accumulated over four months wiped out in a matter of days.

However, despite the persistently lackluster prices, institutional investors remain confident about Ethereum’s prospects. According to an official announcement, Ethereum reserve company Sharplink announced last night that it acquired 143,593 Ethereum over the past week; the leading institution BitMine also previously announced an additional acquisition of 370,000 Ethereum and continued to add positions during the recent downturn. Notably, Sharplink’s purchase volume was double that of previous amounts, although the average price of $4,648 is significantly higher than the current market price.

It is estimated that as of now, BitMine holds a total of 1,523,373 Ethereum at an average cost of approximately $3,730. Meanwhile, Sharplink’s average purchase price is around $3,478, with a total holding of 740,760 Ethereum. On the other hand, the highly discussed Ma Ji Da Ge in the Chinese-speaking community, despite still being in a state of unrealized losses totaling nearly $13 million, continues to add long positions in HYPE, BTC, and ETH during the downward trend.