A quiet giant just surfaced in the Ethereum ecosystem
Bitmine now controls one of the largest single $ETH treasuries on the planet 3.726M ETH
Most people would obsess over the red ink especially with an average entry near 3960 and a heavy unrealized drawdown sitting on the books
But this is exactly where the gap between retail and real size shows
Large players operate on decade horizons they accumulate through discomfort and their positioning ends up steering entire market cycles
