10x Research: Ethereum enters a critical valuation range, Bitmine's massive unrealized losses highlight structural pressure

Odaily Planet Daily reports that the crypto research firm 10x Research posted an analysis on the X platform indicating that Ethereum is at a critical stage where both valuation and fundamentals are being tested. The market needs to determine whether its current downturn is a cyclical bottom or if it is facing deeper structural damage. Ethereum’s treasury company Bitmine currently bears an accounting loss of approximately $8.8 billion, exceeding the roughly $8 billion loss experienced by FTX customers during its initial collapse. The company’s large-scale ETH accumulation amid weakening demand and ETH prices approaching April 2021 levels has further fueled market controversy. This comparison highlights the potential for significant divergence in capital allocation outcomes, as well as how timing and governance decisions can ultimately determine the long-term value creation. Ethereum’s current trading price has approached a key valuation and cost zone, and its core value proposition is now facing a structural test. Investors should carefully assess whether Ethereum is in a cyclical trough or entering a deeper phase of structural damage.