The two biggest crypto bulls are now down a combined $22.5 billion.

Michael Saylor’s Bitcoin holdings hit a record $12.5 billion unrealized loss after $BTC crashed $17,488 in 10 days to a four month low of under $60,000.

Tom Lee’s Ethereum holdings are now roughly $10 billion underwater after $ETH dropped 25% in the same period, falling below $1,600 for the first time since April 2025.

$22.5 billion in combined paper losses between two men who have publicly backed crypto louder than anyone.

Neither has sold. Both are still holding. The conviction is either admirable or catastrophic. History will decide.

Credit: fb fxkay