Ethereum News Today: Ethereum Firms Double Down on Dips Despite $2.5B Staking Losses

Ethereum's (ETH) recent price slump has pushed major staking pool operators Bitmine and Sharplink into a $2.57 billion loss, with their market net asset value (mNAV) falling below 1, according to a Yahoo report. The decline follows a broader crypto market downturn, with ETH dropping below $3,500 for the first time since August, triggering losses for firms that accumulated large Ethereum treasuries during the year's earlier bull run.

The collapse in value underscores the vulnerability of Ethereum treasury strategies as the token's price has retraced nearly 30% from its September peak of $4,953, according to a Crypto.news report. Bitmine and Sharplink, which hold 4.17 million ETH collectively valued at over $14.5 billion, now face significant unrealized losses, the Yahoo report added. Bitmine's average purchase price of $4,037 per token and Sharplink's $3,609 average have left both firms underwater as the market corrects.

The turmoil comes amid mixed signals for Ethereum's long-term prospects. While spot ETH ETFs recorded $668.13 million in inflows in October 2025, according to a TradingView report, the asset class faces headwinds. Bitcoin ETFs, by contrast, shed $607 million in the same period, the Crypto.news piece noted, highlighting divergent investor sentiment. BlackRock's ETHA ETF, the largest Ethereum fund, now holds $15.15 billion in assets, the Crypto.news article added, but the broader market remains fragile.

Technical indicators offer a glimmer of hope. Ethereum's price has formed a bullish flag pattern on the weekly chart, the Crypto.news report said, with the token rebounding from a low of $1,394 in April. However, the recent drop below key moving averages and the 70% drawdown predicted by Sigma Capital's Vineet Budki, per the Yahoo report, suggest further volatility.

The bearish sentiment has also spilled over into equity markets. Bitmine Immersion Technologies (BMNR), which holds 3.31 million ETH—2.8% of the total supply—saw its stock plummet 7.42% on Tuesday as Ethereum prices fell 5.7%, according to a Benzinga report. The company's valuation is inextricably tied to ETH's price, and its strategy to acquire 5% of all Ethereum is now under scrutiny, the Benzinga piece added.

Despite the losses, Ethereum treasury firms are doubling down on their strategies. Bitmine added $300 million worth of ETH in the week starting Nov. 3, the Yahoo report said, while Sharplink continues to accumulate through smaller purchases. This "buy the dip" approach reflects confidence in Ethereum's long-term value, even as short-term pain persists.

The market's fragility is further compounded by macroeconomic factors. A broader risk-off sentiment, driven by profit-taking in high-growth tech stocks and Bitcoin's dip below $101,000, the Benzinga report noted, has intensified selling pressure on crypto-linked assets. Meanwhile, stablecoin fragmentation and poor user experience issues continue to weigh on liquidity, the Yahoo piece said.