BitMine Immersion Tech (NASDAQ:BMNR) shares are dipping on Thursday as crypto‑related stocks slide alongside a pullback in Bitcoin and Ethereum.
- BitMine Immersion stock is showing notable weakness. Why are BMNR shares down?
Bitcoin Under Pressure Ahead of Key Macro Events
Bitcoin (CRYPTO: BTC) and the broader crypto market remains under pressure, with trader Jelle noting the cryptocurrency is now entering a major zone of interest near its previous all‑time highs and a broad consolidation area that stretches down toward $20,000. He expects buyers to start stepping in around this region, with clearer direction likely next month.
Analyst Michael van de Poppe also warned that volatility is unlikely to ease anytime soon. Bitcoin has struggled to reclaim key short‑term levels and continues drifting toward the 2021 all‑time‑high range, which he sees as a crucial test of real buying strength. As Bitcoin goes, so does the rest of the crypto market. Ethereum (CRYPTO: ETH), which BitMine is focused on accumulating, was down about 7% over the past 24 hours, trading below the key $2,000 level at last check.
With an Iran–U.S. meeting approaching and commodities selling off again, macro uncertainty remains elevated. Still, van de Poppe maintains that buying dips remains the right approach in the current environment.
Broader Industry Challenges
The weakness in crypto stocks also comes as the venture capital side of the industry faces a severe fundraising slump. According to crypto founder Miya, commitments to crypto VC funds remain at historic lows and failed to recover.
Half of Paradigm’s team has reportedly left in the past two months, while firms like Mechanism and Tangent have pivoted away from crypto entirely. Miya argues that the cutting edge of technology has shifted to AI and robotics, leaving blockchain behind.
“Crypto as we know it is over,” Miya wrote, saying the sector has moved from a frontier technology to an “un‑investable asset class building products nobody needs.”
BitMine’s total crypto, cash and “moonshot” holdings amount to $10.7 billion. The company currently holds approximately 4.29 million ETH tokens.
BMNR Price Action: BitMine shares were down 9.51% at $18.36 at the time of publication on Thursday, according to Benzinga Pro.
Image: PJ McDonnell/Shutterstock
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