How Three ETH Believers "Won" – Until the Market Had Other Plans

There was a moment when Ethereum’s future felt certain. The conviction was real, the thesis seemed unshakable. Three major players had made massive bets on ETH. Then something happened: the price reversed. What followed wasn’t just a market correction – it was a demolition. And suddenly, these three of the loudest bulls found themselves staring at numbers that told a very different story. They thought they would “win,” but the market wrote a different script.

Tom Lee’s $9.55 Billion Conviction – The Heavy Believer Who Caught the Falling Knife

Tom Lee went all-in with serious capital. We’re talking roughly 4.24 million ETH acquired for approximately $9.55 billion, averaging around $3,854 per coin. This wasn’t speculation – this was supposed to be long-term conviction, the kind of position you hold through noise and volatility. On paper, it represented deep belief in Ethereum’s fundamentals.

Then price action turned hostile. That unrealized gain evaporated into a $6.8 billion loss. The conviction didn’t change the math. What looked like a fortress of belief became a monument to bad timing. When you’re holding positions this large, “waiting it out” becomes a luxury many investors can’t afford.

Garrett Jin’s Leverage Nightmare – When Borrowed Money Destroys You Faster

Garrett Jin’s story is sharper and more brutal. The strategy itself wasn’t unusual – swap significant Bitcoin holdings into Ethereum at favorable ratios. He converted roughly 35,991 BTC into 886,371 ETH at a 0.0406 ratio. That trade alone vaporized over $770 million in value.

But here’s where it got worse: he didn’t just hold the position. Leverage was layered on top. A 223,340 ETH long position, valued around $632 million at entry, was opened with borrowed capital. When liquidation hit – and it did – another ~$195 million vanished instantly. The math was simple: borrowed money amplified gains on the way up, but it obliterated capital on the way down. This wasn’t a slow bleed. It was catastrophic and fast.

Jack Yi’s Quiet Accumulation – Sometimes Silence Hides the Biggest Losses

Jack Yi’s approach appeared more measured. He accumulated around 651,000 ETH, deploying approximately $1.46 billion with an average entry near $3,300. Clean strategy, solid thesis. The difference was discipline – no leverage, no exotic structures, just accumulation.

Yet when ETH continued its descent, the silent losses compounded. Roughly $680 million gone. There’s a misconception that conservative strategies protect you in crashes. They don’t. They just lose slower and quietly. When the market turns, all that matters is price, not pedigree or strategy elegance.

The Real Lesson – Belief Doesn’t Move Markets, Markets Move Belief

Here’s the uncomfortable truth: you can be early, you can be right in theory, and you can be disciplined. You can have done everything “correctly” on paper. But when momentum shifts, markets don’t negotiate. They don’t tap you on the shoulder politely. They just take.

These three believers “won” in one sense – they predicted ETH would outperform. They were early. But the market doesn’t care about being right eventually. It only cares about what’s happening today.

As of mid-February 2026, ETH is trading around $1.94K, down 1.71% in the last 24 hours. The price action remains a reminder: even the most confident believers face the same market forces as everyone else. Conviction matters. Capital preservation matters more.