Bitmine took action again last week - sweeping up 96,798 ETH in one go, pouring in 283 million dollars.

Now they hold 3.726 million ETH, with a market value of 10.52 billion dollars. Sounds impressive, right? But doing the math reveals that the average cost is stuck at the position of $3,960.

So what is the result? Directly lost 4.22 billion on the books, a drop of 28.6%.

This operation is definitely a "institution-level being trapped" scene. Even Tom Li, who has the most flamboyant hairstyle in the crypto world, couldn't escape this time and was pressed down on the mountaintop along with everyone else.

Indeed, sometimes faith cannot withstand reality. Those who dared to go all-in on "Ethereum faith" at a high position can now only collectively chant: I hold ETH, I have faith, I... am trapped.

Market education is something that no one can escape, including institutions.