Ethereum’s largest corporate holder is staring down roughly $2.5 billion in paper losses as the token’s weekend sell-off reignites fears of a deeper collapse.

BitMine Immersion Technologies (NASDAQ: BMNR) disclosed holdings of approximately 6.07 million ETH as of November 8, valued at $2,234 per token at that time.

With Ethereum trading at $1,830 on Sunday, those holdings now sit around 18% below the company’s average cost basis, a gap that widens with every downtick.

The pressure intensified after long-time gold advocate and crypto critic Peter Schiff posted a warning on X Saturday, telling Ethereum holders, “It’s not too late to sell.”

Schiff flagged approximately $1,600 as a critical support threshold, arguing that a break below that level over the weekend could send the token crashing to $1,000 by Monday’s market open.

He noted Ethereum had already fallen more than 8% since his initial warning post, framing the continued slide as validation of his bearish thesis.

The token hit a Sunday low of $1,713, its weakest point since July, and has shed roughly 19% of its value over the past week alone.

That figure is not far from Ethereum’s lowest daily close of 2026, which was $1,566 recorded on June 26, a level that sits uncomfortably close to the trigger point Schiff identified.

Retail traders on Stocktwits reflected the anxiety, with ETH sentiment registering in the “bearish” zone and discussion volume remaining elevated throughout the day.

One Stocktwits user warned the token could slide further once traditional markets open Monday, echoing Schiff’s concern about a potential “Black Monday” for Ethereum ETFs.

BitMine chairman Tom Lee pushed back on the pessimism Saturday, maintaining that downward pressure on crypto markets would eventually pass and previously characterizing Ethereum as “the future of finance.”

Schiff’s track record on Ethereum, however, cuts both ways: he predicted in April 2025 that the token was about to break below $1,000, only to watch it rebound to a record high of $4,954 on August 24, 2025.

Bitcoin was also caught in the weekend’s downdraft, trading at $65,516, a drop of more than 2% over the prior 24 hours, with Stocktwits sentiment for BTC registering as “extremely bearish.”

Schiff had previously flagged Bitcoin alongside Ethereum as crypto assets vulnerable to a sharp correction, suggesting his latest warning is part of a broader bearish view on digital assets.

Whether Ethereum holds the $1,600 line or confirms Schiff’s scenario will be a defining market moment when trading resumes Monday morning.

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