Enterprise-grade Bitcoin and Ethereum treasuries are facing significant paper losses due to the crypto market downturn. BitMine, the largest holder of ETH, currently has a paper loss of $6.95 billion, with an average holding price of $3,883, while the current ETH price has fallen to $2,240. Additionally, SharpLink Gaming faces a paper loss of $1.09 billion. Due to market pressure, some institutions have begun reducing their holdings. Trend Research (0x4a2...b82) sold a total of 53,589 ETH today to repay debts, worth approximately $123 million. Although the institution still holds 618,000 ETH, it has incurred a paper loss of over $534 million. Trend Research founder Jack Yi stated that his earlier bullish decision, believing ETH was undervalued when it was at $3,000, was a mistake. Meanwhile, Nansen data shows that Smart Money addresses bought $38.3 million worth of ETH against the market trend in the past week.