A recent report discussed how Digital Asset Treasury (DAT) companies like 
BitMine and Strategy are sitting on billions of dollars of unrealized profits 
as Ethereum (ETH) and Bitcoin (BTC) lose crucial support levels. Related 
Reading: This Altcoin Soars 20% In One Day Following Major Saudi Arabia 
Partnership DATs To Face ‘Increasing Scrutiny’ On Thursday, crypto insights 
company 10x Research reported that the largest Ethereum Treasury company, 
BitMine Immersion Technologies, has a multi-billion-dollar paper loss after 
the ongoing market correction, which has sent ETH to multi-month lows. 
“Bitmine is now down more than $1,000 per ETH, implying about $3.7 billion in 
unrealized losses before even accounting for the hefty NAV [net asset value] 
premium public-market investors paid on top,” the report highlighted. 10x 
Research believes that treasury companies will struggle to attract new retail 
investors amid the current market environment, where existing shareholders are 
sitting on billions of dollars in losses. When NAV rises, “old” shareholders 
benefit; when it falls, the damage compounds, a dynamic DAT investors often 
underestimate. When the premium inevitably shrinks to zero, as it is doing 
now, investors find themselves trapped in the structure, unable to get out 
without significant damage, a true Hotel California scenario. Unlike Exchange- 
Traded Funds (ETFs), Digital Asset Treasuries “layer on complex, opaque, and 
often hedge-fund-like fee structures that can quietly erode returns,” the 
report added, noting that many investors are unaware that DATs embedded costs 
“far exceed” the management fee charged by asset managers like BlackRock on 
its Bitcoin (BTC) and ETH ETFs. Moreover, 10x Research argued that with the 
potential introduction of a staked Ethereum ETF by BlackRock, “the economics 
of DATs are likely to face increasing scrutiny” as retail investors reallocate 
to a low-cost source of yield. BitMine Remains Confident On Ethereum Despite 
DAT challenges and ETH’s price action, BitMine has continued to bet on the 
King of Altcoins. According to Lookonchain data, a new wallet suspected to be 
linked to the Ethereum-focused treasury company purchased 21,054 ETH, worth 
around $66.57 million at the time, on Tuesday night. In its November 
Chairman’s Message, Thomas ‘Tom’ Lee, noted that the crypto market prices have 
not recovered from the October 10 liquidation event, and “the lingering 
weakness has the hallmarks of a market maker (or two) suffering from a 
crippled balance sheet.” BitMine does not believe crypto prices have peaked 
for this cycle, he added, suggesting that “a crypto cycle top is likely 12-36 
months away.” On the contrary, Lee told CNBC News on Monday that the market is 
“pretty close” to bottoming this week. Crypto suffered from that liquidation 
event on October 10th, but because the fundamental story is intact and crypto 
discounts the future, that’s why it’s volatile, but it still looks pretty 
attractive here. Related Reading: Solana Reclaims $140 As Second Wave Of SOL 
ETFs Debut – Is A Rebound Coming? Notably, ETH has lost the $3,000 support for 
the first time since July, retesting the $2,800 area on Thursday morning. 
However, Lee has affirmed that “Ethereum is undervalued because number one, 
the story is gaining relative to Bitcoin this year. But two, we’re getting 
this sort of intrinsic floor because of the value that the assets locked onto 
the Ethereum blockchain.” As of this writing, Ethereum is trading at $2,840, a 
29% decline in the monthly timeframe. Featured Image from Unsplash.com, Chart 
from TradingView.com

BitMine’s Unrealized Losses Hit $3.7B As Ethereum (ETH) Price Struggles Below $3,000

Trump backed $ABTC just dropped its first earnings as a public company. This 
“not just a miner, not just a treasury” company is now targeting 50 EH/s to 
power its BTC-focused growth strategy. The following guest post comes from 
BitcoinMiningStock.io, a public markets intelligence platform delivering data 
on companies exposed to Bitcoin mining and crypto […]

American Bitcoin Targets 50 EH/s Bitcoin Mining Capacity

Plume announced on Wednesday that Securitize, a tokenization platform backed 
by BlackRock and Morgan Stanley, had inked a deal to deploy institutional- 
grade assets on Plume’s Nest staking protocol.

Plume CEO tips RWA to grow 3-5x in 2026 as it grows past crypto natives

On-chain analytics firm CryptoQuant has revealed how selling from US Bitcoin 
investors has dominated during the recent market downturn. Bitcoin Coinbase 
Premium Gap Points To US Selloff In a new thread on X, CryptoQuant has talked 
about some key pieces of data related to the US-dominated Bitcoin selloff. The 
first indicator that CryptoQuant has shared is the &#8220;Coinbase Premium Gap,&#8221; 
which keeps track of the difference between the BTC price listed on Coinbase 
(USD pair) and that on Binance (USDT pair). Related Reading: Dogecoin’s 
Strongest Support Zone Revealed—Here’s The Level As the below chart shows, the 
30-hour moving average (MA) value of this metric has plummeted into the red 
territory recently. A negative value on the Coinbase Premium Gap indicates 
that the asset is trading at a price lower on Coinbase as compared to Binance. 
The former exchange is the preferred platform of the American investors, 
especially large institutional entities, while the latter one hosts a global 
traffic. As such, a red premium can be a sign that US-based whales are selling 
more than world investors. &#8220;The Coinbase Premium Gap dropped as low as -$90, 
which is a sign of strong U.S. selling pressure,&#8221; explained the analytics 
firm. Another metric that points toward extraordinary selling pressure from 
the American traders during the recent price decline is the cumulative return 
for the different trading sessions. From the above chart, it&#8217;s visible that 
both European and Asia-Pacific trading hours have seen an almost neutral 
return in Bitcoin over the past month. The American session, on the other 
hand, has witnessed a deep negative value. Another major way institutional 
entities invest in Bitcoin is through the spot exchange-traded funds (ETFs), 
investment vehicles that hold BTC on behalf of their investors, and allow them 
to gain off-chain exposure to the coin&#8217;s price movements. These funds have 
also witnessed outflows during the selloff in the last few weeks. ETFs have 
seen net outflows for three straight weeks now, which is a departure from last 
year&#8217;s Q4 trend, where 194,000 BTC flowed into the wallets connected with 
these funds, but in Q4 2025 so far, 8,000 BTC has flowed out instead. &#8220;ETF 
outflows continue to weigh on the BTC spot market,&#8221; noted CryptoQuant. Related 
Reading: Bitcoin Short-Term Holders Panic: 65,200 BTC Sent To Exchanges At 
Loss As for what could be next for Bitcoin, the cost basis of the spot ETFs 
may be worth watching for, which is located at $86,566. If the cryptocurrency 
breaches below this mark, holdings of the spot ETFs will go underwater. BTC 
Price At the time of writing, Bitcoin is floating around $92,000, down more 
than 10% over the last seven days. Featured image from Dall-E, 
CryptoQuant.com, chart from TradingView.com

Bitcoin Crash Dominated By US Selling, CryptoQuant Data Shows

Crypto prices today fell sharply as the market extended its month-long 
downturn. The total crypto market capitalization has dropped below $3 trillion 
for the first time since May 8, now standing at roughly $2.95 trillion. 
Bitcoin slipped to $85,310, down…

Cryptocurrency price in MYR