Crypto Market Plunge Hits Institutional Investors Hard
The recent downturn in cryptocurrency prices has resulted in significant paper losses for major institutional players, with Bitcoin falling below $61,000 and Ethereum dropping below $1,800.
Strategy Records Over $10B in Paper Losses
On-chain data shows that Strategy, led by Michael Saylor, has suffered over $10.16 billion in unrealized losses due to its heavy Bitcoin holdings.
Bitmine Faces Major Drawdown
Similarly, Bitmine, backed by Tom Lee, has seen more than $8.65 billion in unrealized losses on its Ethereum holdings amid falling prices.
Market Outlook Remains Uncertain
- Investor sentiment is weak, and confidence has been shaken.
- Institutions may reposition portfolios in response.
- Analysts recommend watching macro and technical indicators.
The crypto market remains in a volatile correction phase, with future trends yet to be determined.