The January blues in the crypto market have now turned into a cold February downturn.
Since the end of January 2026, the strong increases observed last year have faded. Instead, the market has entered a slow, steady decline that is testing even long-term investors.
At the time of writing, the total crypto market value fell to $2.3 trillion, down 2.71% in a single day, according to data from CoinMarketCap.
Many headlines talk about a crash, but the reality is more nuanced. This decline is largely due to risk reduction by institutions, changing interest rate expectations and weakening confidence, rather than panic selling by retail investors.
Tom Lee’s BitMine adds more ETH
While small investors feel uncertain, large institutions continue to show strong interest in Ethereum (ETH). One of the main players is Tom Lee’s company, BitMine.
Instead of being cautious during the market drop in February, the company took advantage of this period to purchase more ETH at lower prices. On February 11, the company staked an additional 140,400 ETH, worth approximately $282 million.
This brought his total stake in Ethereum to nearly 3 million ETH, valued at over $6 billion.
As of press time, approximately 69% of BitMine’s ETH is locked in staking. This means that a large amount of Ethereum is taken out of the market and cannot be sold easily.
Source: Lookonchain
BitMine’s previous ETH purchases
Over the past two days, BitMine has been aggressively buying Ethereum, especially near the key $2,000 level. On February 9, when ETH fell to $2,011.82, the company purchased 20,000 ETH worth approximately $41 million from FalconX.
The next day, he doubled down, acquiring another 40,000 ETH worth around $83 million, including 20,000 ETH from BitGo at a daily low of $2,003.10.
By staking such large sums as prices fall, BitMine demonstrates confidence in Ethereum’s long-term potential. In the last 30 days alone, he has added over 180,000 ETH to his holdings.
BMNR stock price
BitMine’s strategy is also under pressure. Following these ETH purchases, shares of the company (BMNR) had a rough trading day. The stock closed at $19.95, down nearly 7%, according to Google Finance.
With the total value of the crypto market remaining near $2.3 trillion, many people are watching closely.
So, if BitMine’s “buy the dip” strategy works, the company could secure a major position in low-cost decentralized finance. But if the market continues to fall, the pressure on BMNR investors could increase.
Final Thoughts
- BitMine’s aggressive buying of Ethereum demonstrates strong long-term confidence despite falling prices and weak sentiment.
- Locking up almost 69% of its ETH in staking reduces market supply and shows the company is not planning quick exits.
