It’s not just retail traders feeling the pressure anymore. Even the biggest players are deep in the heat right now. BitMine’s BMNR is sitting on $6.6 billion in unrealized $ETH losses. But the real story isn’t the loss itself. It’s the reaction. Institutions aren’t rushing for the exit. They’re holding through the drawdown, sticking to their positioning. Meanwhile, retail is doing what retail usually does in moments like this, i.e., panic selling into weakness. That difference in behavior is exactly why institutions win over time.