BitMine Immersion (NYSE:BMNR) stock continued its strong downward trend and dropped below a key make-or-break level as its unrealized losses accelerated. It plunged to $15.90, its lowest level since June last year and 90% below its highest point in 2025. 

BitMine Stock at Risk as Unrealized Losses Jump Amid Ethereum Woes

Tom Lee's BitMine Immersion is facing major challenges amid the ongoing crypto market crash. Ethereum (CRYPTO: ETH) token plunged to $1,515, its lowest level since April last year, and 67% below its all-time high.

Its performance is notable as BitMine has become the biggest holder of Ethereum with over 5.4 million tokens worth $8.8 billion. At Ethereum's peak price of $4,948, these coins would be worth over $26 billion. Its unrealized loss is over $10 billion.

BitMine's challenge is that Ethereum's fundamentals are deteriorating. For example, Wall Street investors have continued dumping the ETFs. Spot Ethereum ETFs have had over $168 million in outflows this month after losing $540 million in the previous month. They have lost over $2 billion in assets in the past few months.

Further, key Ethereum metrics have deteriorated, with its decentralized finance (DeFi) total value falling to $37 billion from last year's high of over $98 billion. It has made just $84 million in chain fees this year, meaning that it will likely not cross last year's $523 million.

Developers on Ethereum are also struggling, with their chain revenues standing at $367 million this year. They made $1.07 billion last year, down from $1.09 billion in the previous year. 

Ethereum has been overtaken by Hyperliquid in many metrics. For example, Hyperliquid's monthly volume has jumped to over $180 billion. In contrast, all the perpetual DEX networks on Ethereum are handling less than $50 billion a month. 

Similarly, all Ethereum DEX networks are handling less than $40 billion a month. This includes Uniswap (CRYPTO: UNI), which was the undisputed leader in the DEX industry for years. 

Technicals Suggest That BMNR Stock May Crash Further

The daily chart reveals that the BMNR share price has crashed below the important support at $18.30. This was a notable level as it was its lowest swing in February and March this year. It was also the lower side of the horizontal channel.

The stock has also retreated below all moving averages, a sign that bears remain in control. Also, the Average Directional Index has jumped to 13.7 and is pointing upwards. It has moved to the highest point since March 23rd, a sign that the downtrend is gaining momentum.

Therefore, the stock will likely continue falling, potentially to the next key target at $15. 

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