Ethereum collapses below $3,000: Crypto treasuries plunge into the red

Ethereum fell by almost 30% in one month, breaking the symbolic threshold of $3,000. This sudden decline endangers the finances of an entire section of the crypto ecosystem. Behind the curve, companies exposed to ETH are seeing a year of gains evaporate.

Billions of dollars in unrealized losses on Ethereum

The recent fall of ether (ETH) below $3,000 has suddenly put several Web3 companies having structured their cash flow in ETH into difficulty.

According to an analysis by Capriole Investments, the majority of DATs (Digital Asset Treasuries) are now recording unrealized losses of -25% to -48% on their positions. These losses, which have not yet been realized, weigh heavily on the balance sheets.

One of the most prominent examples is BitMine Immersion Technologies, which holds 3.56 million ETH, or 2.94% of Ethereum's circulating supply. Indeed, “BitMine is currently at a loss of $1,000 per ETH purchased, a cumulative loss of $3.7 billion across all of its holdings”. Other major players in the sector, such as Galaxy Digital, The Ether Machine and SharpLink, are experiencing similar losses on positions taken at their highest.

Beyond capital losses, signals of financial fragility are multiplying. The mNAV (market value to net asset value) ratio of many of these companies is now less than 1, indicating that their digital assets are worth less on the market than on their books. This situation directly impacts their ability to raise funds or refinance their operations. Here is the main findings figures noted by Capriole:

• BitMine Immersion Technologies: -28% over 7 days and -45% over 30 days, representing a loss of $3.7 billion in unrealized value;

• The Ether Machine, Galaxy Digital, SharpLink: losses ranging from -50% to -80% on their ETH positions compared to yearly highs;

• The top 10 DATs: all display negative returns on weekly and daily periods;

• The mNAV Ratio < 1: this technical threshold reflects a weakening of the valuation perceived by the market, which could slow down or make future capital raising impossible.

This on-chain data reveals increasing pressure on the balance sheets of companies with heavy exposure to Ethereum. If prices continue to fall or continue their decline, certain companies could be forced to make defensive decisions: asset sales, restructuring, or even the freezing of projects to preserve their solvency.

A bearish scenario already seen

The current market configuration is reminiscent of that of 2022. At the time, a graphic configuration identified as a bearish fractal anticipated a massive decline in the price of ether.

Today, this same structure appears to be repeating itself, with a streak marked by a sharp fall from a high, followed by a pullback toward the 200-week moving average, currently located around $2,450. The weekly super trend triggered a sell signal, an indicator that was previously seen last March, just before a -66% correction, and in January 2022, preceding a -82% collapse.

Alongside these alarming technical signals, institutional flows are drying up. The latest data indicates that since November 11, 2025, the combined ETH reserves held by ETFs and strategic funds have fallen by 280,414 ETH.

If this trend were to continue, Ethereum could face a double challenge: a loss of market confidence and an erosion of its structural supports, whether financial or technical. The prospect of a return to the $2,500 level, after crossing the $4,000 mark, is no longer theoretical, because it is now fueled by concrete data, both chartist and behavioral.