Window Dressing, SharpLink Stress: $ETH Holders Just Can't Seem to Unclothe the Quarter 🪟

Bitmine Chairman Tom Lee attributed Ethereum's 8% weekly decline to quarter-end window dressing, the practice of fund managers trimming underperforming positions ahead of reporting dates. "This past week was a challenging one for crypto investors as ETH fell by 8% … We are nearing quarter-end for June, and it is not surprising to see 'window dressing' leading to investors reducing their holdings in assets which have fallen in the past 3 months," Lee said. Ethereum ($ETH) has dropped nearly 22% over the past month, outpacing Bitcoin's ($BTC) 19% loss, and remains on track for a third consecutive negative quarter.

Bitmine reported holdings of 5,700,040 $ETH, valued at roughly $9 billion, and continued accumulating through the slide by purchasing 27,084 $ETH last week. That stake represents 4.7% of the 120.7 million $ETH supply, or 94% of the firm's "Alchemy of 5%" target. Lee said the long-term case remains intact, citing Wall Street migration to crypto rails and agentic-AI payment systems. "Bitmine remains focused on the longer-term horizon and continues to manage the company to be positively positioned for these exponential drivers," he added.

SharpLink, the second-largest $ETH holder, restarted accumulation after an eight-month pause and has acquired 39,196 $ETH, according to Lookonchain. The firm still holds an unrealized loss of nearly $1.7 billion, with an average acquisition cost of about $3,609 per $ETH. Both treasuries have continued buying even as prices sit well below their cost bases, underscoring ongoing institutional conviction into quarter-end. Whether July brings a turn or further weakness will become clearer once reporting flows settle.