[Two Major Ethereum Whales Face Over $7 Billion in Unrealized Losses, Drawing Attention] BitMine and Trend Research have recently garnered attention for their bullish strategies on Ethereum (ETH). BitMine holds 4.285 million ETH at an average cost of approximately $3,837, currently facing an unrealized loss of about $6.4 billion, with its stock price dropping from a peak of $161 to $22.8. Trend Research, on the other hand, leveraged ETH through on-chain circular lending, but was forced to liquidate 73,588 ETH due to a sharp price drop, resulting in a total loss of $613 million. It still carries approximately $897 million in stablecoin debt. The differing strategies and risk exposures of the two have sparked widespread market attention.