โ ๏ธ ETHEREUM UNDER PRESSURE
Fresh FUD is hitting the market: proxy companies holding large
$ETH balances may be forced to sell.
Hereโs why ๐
๐ป With ETHEREUM price dropping, the mNAV of three Ethereum treasury companies โ SharpLink, The Ether Machine, and ETHZilla โ has fallen below 1.
๐ป Only Bitmine remains above 1, and even doubled down by buying more ETH today.
๐ป For the others, things look grim:
โข Their market cap < ETH reserves
โข Issuing new shares to buy
$ETH is now unprofitable
โข Incentives to keep growing crypto reserves are disappearing
๐ Possible outcome: these companies could start selling ETH to buy back their own shares โ adding even more downside pressure on the market.
๐ Will this trigger another
$ETH dump, or is the fear overblown?
#ETH #ETHcrash #ETHcrashed