Ethereum lost $4,000 and fell below BitMine’s cost price! QCP Capital: There is still a chance of rebound in Q4

Ethereum once fell below US$4,000 today (25th), turning the floating profit of the world's largest Ethereum reserve company, BitMine, into a floating loss. The cost price of SharpLink, the second largest Ethereum reserve company, fell to US$3,603, and there is still a floating profit.
(Preliminary summary: Liquidation of US$45 million! Ethereum fell below US$4,000, and nearly 10,000 ETH long orders of giant whales evaporated)
(Background supplement: Tom Lee's confident statement: Ethereum is a "truly neutral blockchain" ($12,000 at the end of the year, and Bitcoin will hit $250,000)

Following the severe drop on Monday (22), Ethereum was once again hit by selling pressure today (25), falling below $4,000 at around 12 noon, reaching the lowest price of $3,962, with a drop of 3.7% in the past 24 hours.

Ethereum fell below BitMine Cost Line

We know that in this round of Ethereum hitting all-time highs, Ethereum Reserve Company (DAT) is undoubtedly the biggest driving force. Then, according to monitoring by on-chain data analyst Ember today, as the largest Ethereum reserve company, it is currently in a state of loss.

Data shows that after adding positions in Ethereum last week, BitMine currently holds a total of 2.41 million ETH, with an average purchase cost of approximately US$4,016.

At the same time, SharpLink, the second largest Ethereum reserve company on the market, temporarily has a floating profit in its Ethereum holdings. Data shows that SharpLink currently holds a total of 838,000 ETH, with an average purchase price of approximately US$3,603.

@SharpLinkGaming, which holds 838,000 ETH ($3.36 billion), is still $400 away from the cost line. Their cost was $3,603.

— Ember (@EmberCN) September 25, 2025

QCP Capital: The fourth quarter is still worth looking forward to

Regarding the current situation of the market, QCP Capital pointed out in today's market analysis report that if the market falls further, Bitcoin may test support at $107,000, while Ethereum risks a drop to $3,300.

However, QCP Capital also said that the market outlook is not unworthy of investors’ expectations. The first is that the fourth quarter is usually a better period for cryptocurrencies, so as October comes, the market will probably rebound a bit. On the other hand, the U.S. Federal Reserve (Fed) resumed interest rate cuts in September, and the market expects that interest rates will continue to be cut in October and December. Monetary easing policy will also bring impetus to the market. However, if next week's non-farm payroll data turns out to be unexpectedly strong, this expectation may be at risk of being shattered.