Ethereum

Value

Galaxy

when

Key takeaways:
<ul>
 <li>Ether treasury companies are sitting on millions of dollars of unrealized losses, raising concerns about their sustainability.</li>
 <li>Ether treasury companies trading below NAVs signal eroding confidence, potentially pressuring ETH price further.</li>
 <li>An ETH price fractal hints at $2,500 as the 200-week moving average becomes the last line of defense.</li>
</ul>
 Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) fell 30% over the past 30 days, dropping below $3,000 to a four-month low of $2,806 on Thursday. Technical indicators and institutional demand are leaning bearish, increasing the odds of a further correction below $2,500.
<h2 id="ether-price-mirrors-a-2022-era-fractal">Ether price mirrors a 2022-era fractal</h2>
ETH price is facing a four-week losing streak as a bearish fractal from 2022 hints a a deeper correction for the altcoin. A market fractal is a repetitive pattern that allows traders to identify trend reversals in the charts. Ether is currently painting a bearish fractal setup, initially observed in 2022.
Related: <a href="https://cointelegraph.com/news/eth-falls-into-buy-zone-but-volatility-adverse-traders-take-a-wait-and-see-approach" rel="noopener noreferrer nofollow">ETH falls into ‘buy zone,’ but volatility-averse traders take a wait-and-see approach</a>
The chart below illustrates that the pattern consists of a sharp drop from its 2021 all-time high at $4,800, with the price bottoming around the 200-week SMA.&nbsp;
The same scenario is playing out in 2025, with the price having dropped 41% from its current <a href="https://cointelegraph.com/news/eth-hits-new-highs-as-fed-turns-dovish-ether-etf-inflows-resume" rel="noopener noreferrer nofollow" target="_self">all-time high of $4,955 reached in August</a>. This suggests that a deeper correction is in the cards with the 200-week SMA at $2,450 being the last line of defense for bulls.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aa2d1-014b-703c-9a10-b959681daaad" title="" alt="ETH DATs have a problem: Ether’s crash below $3K vaporized a year’s worth of gains">
 <figcaption style="text-align: center;">
 ETH/USD weekly chart. Source: Cointelegraph/<a href="https://www.tradingview.com/x/bsOerwYL/" rel="noopener noreferrer nofollow" target="_blank">TradingView</a>
 </figcaption>
</figure>
Meanwhile, Ether’s super trend indicator has sent a “sell” signal on its weekly chart, an occurrence that last led to a 66% drop in price when it occurred in March 2025.&nbsp;
A similar confirmation in January 2022 was followed by an 82% price drawdown, bottoming just below the 200-week SMA, as shown in the chart below.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aa2d1-0747-7c9e-9c83-42370b587ee6" title="" alt="ETH DATs have a problem: Ether’s crash below $3K vaporized a year’s worth of gains">
 <figcaption style="text-align: center;">
 ETH/USD weekly chart. Source: Cointelegraph/<a href="https://www.tradingview.com/x/P15yNKLJ/" rel="noopener noreferrer nofollow" target="_blank">TradingView</a>
 </figcaption>
</figure>
If history repeats itself, ETH could see a<a href="https://cointelegraph.com/news/bitcoin-charts-flag-dollar75k-bottom-but-analysts-predict-40percent-rally-before-2025-ends" rel="noopener noreferrer nofollow"> </a><a rel="noopener noreferrer nofollow">deeper correction to as low as $2,500</a>, driven by d<a href="https://cointelegraph.com/news/crypto-etps-largest-outflows-since-february-global-trends" rel="noopener noreferrer nofollow">ecreased institutional demand</a> and <a href="https://cointelegraph.com/news/eth-falls-to-4-month-low-under-3k-is-the-bull-market-over" rel="noopener noreferrer nofollow">waning onchain activity</a>.&nbsp;
<h2 id="ethereum-treasury-companies-are-underwater">Ethereum treasury companies are underwater</h2>
Ether’s sharp pullback has pushed the average Ether treasury company into the red, resulting in millions of dollars in paper losses.
Data from Capriole Investments <a href="https://capriole.com/charts/?chart=eth-treasuries-screener" rel="noopener noreferrer nofollow" target="_blank">shows</a> that these companies have seen negative returns of 25% to 48% on their ETH holdings. The top 10 DAT companies are in the red in the weekly and daily time frames, as shown in the chart below.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aa2d1-0b69-7c7c-a57e-0384a6dd9d3a" title="" alt="ETH DATs have a problem: Ether’s crash below $3K vaporized a year’s worth of gains">
 <figcaption style="text-align: center;">
 Performance of ETH treasury companies. Source: Capriole Investments
 </figcaption>
</figure>
BitMine Immersion Technologies, holding 3.56 million ETH (2.94% of the circulating supply), has seen a -28% and -45% return on its investments over the last seven days and 30 days, respectively.
BitMine is currently down $1,000 per purchased ETH, implying a <a href="https://cointelegraph.com/news/bitmine-3-7b-ether-loss-dat-hotel-california-blackrock-staked-eth-etf" rel="noopener noreferrer nofollow">cumulative unrealized loss of $3.7 billion</a> on its total holdings.
<blockquote class="twitter-tweet">
 🚨 LATEST: BitMine is sitting on a $3.7B unrealized loss from its massive <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> position. Will we see more DATs emerge in the coming months despite the risks? <a href="https://t.co/11V5YZT2qO" rel="noopener noreferrer nofollow">pic.twitter.com/11V5YZT2qO</a>— Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1991517136737476614?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 20, 2025</a>
</blockquote>
SharpLink, The Ether Machine and Galaxy Digital also sit on millions in losses, down 50% to 80% from their yearly highs.
Capriole Investments’ data also shows that the market value to net asset value (mNAV) — a metric used to assess the valuation of digital asset treasuries — of most of these companies has plunged below 1, signaling an impaired capital-raising ability.
Data from <a rel="noopener noreferrer nofollow" target="_blank">StrategicETHreserve.xyz</a> indicates that collective holdings of strategic reserves and ETFs have dropped by 280,414 ETH since Nov. 11.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aa2d1-10ae-72ab-9bd1-0b78645b0c10" title="" alt="ETH DATs have a problem: Ether’s crash below $3K vaporized a year’s worth of gains">
 <figcaption style="text-align: center;">
 ETH treasuries and ETF holdings reserve. Source: StrategicETHreserve.xyz
 </figcaption>
</figure>
As <a href="https://cointelegraph.com/news/crypto-etps-largest-outflows-since-february-global-trends" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, global exchange-traded products, including US spot Ether ETFs, experienced the largest weekly outflows since February, reinforcing the continued decline in institutional demand for ETH.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

ETH DATs have a problem: Ether’s crash below $3K vaporized a year’s worth of gains

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