During the evening crash, not only Bitcoin investors but also Ethereum holders had to show strong nerves. The second-largest cryptocurrency by market capitalization briefly fell by almost 17% from yesterday’s levels, dropping to around $2,248.
ETH has since managed a partial rebound. At the time of writing, Ethereum is trading near $2,450, which still represents a decline of more than 8%.
The derivatives market highlights the full scale of the crash: over the past 24 hours, positions worth $2.45 billion were liquidated. The bulk of the damage hit traders who were betting on higher prices. Ethereum alone accounted for $1.06 billion in liquidations.
As on the previous day, the epicenter of the “bloodbath” was the Hyperliquid platform. Roughly half of all liquidations occurred on this perpetuals market, affecting several traders with positions worth tens of millions of dollars.
Prominent Ethereum permabull Tom Lee was also caught in the downturn. His company, Bitmine (BMNR), is deep in the red. According to DropsTab data, the firm’s ETH strategy portfolio lost another $865 million over the past day.
Total losses across the portfolio are now approaching $6 billion. The current value of the assets stands at roughly $9.8 billion.
Still, these losses are unlikely to deter the company from further expanding its ETH holdings. Back in January, Bitmine shareholders approved a plan to increase the number of outstanding shares from 50 million to 50 billion.
According to Lee, Bitmine’s share price is directly correlated with the price of Ethereum. A sharp rally in ETH would therefore also push BMNR higher. However, if his analysis holds, the company’s stock is likely to face a notable decline at Monday’s market open before any recovery.
