#比特币市场分析 Seeing this set of data is quite interesting — BitMine's unrealized Ethereum loss of $4.1 billion may seem like a bearish signal, but I want to look at it from a different perspective.

The holdings costs of these large treasury companies are generally high. Most of them accumulated positions during the highs of 2021-2022. The current unrealized losses are actually a normal reflection of market cycles. But what does this precisely indicate? It shows their confidence in long-term value.

What truly matters is not the short-term paper losses, but why these institutions are still holding on. BitMine holds nearly 4 million ETH, and Strategy has over 670,000 BTC. What does the scale of these positions tell us? It indicates they view Bitcoin and Ethereum as strategic assets. Just like building the infrastructure for a decentralized finance ecosystem, this is not speculation but conviction.

Market fluctuations are inevitable, but it is this long-term attitude that gives me more confidence in the future of this ecosystem. Every adjustment is an opportunity to reassess value. Instead of obsessing over short-term unrealized losses, think about this: ten years from now, what roles will these assets play in the Web3 ecosystem? Persistence is the most important lesson investors should cultivate.