- Since last week, the Ethereum price has plunged from $3,041 to $2,316, registering a loss of 23.7%.
- Bitmine Accumulates Over 4.2 Million ETH Amid Price Decline.
- ETH’s sentiment analyst shows fear and greed at 18% indicating extreme fear among market participants.
Ethereum, the second largest cryptocurrency by market capitalization is up 3.5% on Monday, February 3rd to reach $2,347. The uptick came as a relief rally after a massive sell-off last week triggered due to cascading liquidation and macroeconomic uncertainty. While the risk of prolonged correction persists, Tom Lee’s Bitmine continued to accumulate more ETH, projecting its strong conviction in Ethereum.
Bitmine Accumulates 4.28M ETH as Fundamentals Hit All-Time Highs
Bitmine Immersion Technologies reported its cryptocurrency portfolio as of February 1, 2026, at 6:00 p.m. ET, as follows: 4,285,125 Ethereum tokens at $2,317 per token according to Coinbase data. The company also owns 193 units of Bitcoin, has $586 million in cash reserves, and has equity interests worth $200 million in Beast Industries and $20 million in Eightco Holdings (Nasdaq: ORBS).
This Ethereum accumulation is equivalent to about 3.55% of the total supply of 120.7 million tokens in circulation.
“ETH prices have dropped sharply in the past month from ~$3,000 to ~$2,300. This occurred while Ethereum daily transactions hit an all-time high (ATH) of 2.5mm (per theblock.co) and active addresses soared in 2026 to an ATH to 1 million daily (per theblock.co). In other words, Ethereum on-chain activity and fundamentals have grown solidly in the past few months, but ETH prices have declined. During the crypto winter of 2021-2022 or 2018-2019, Ethereum transaction activity and active wallets declined, which is counter to what we have seen in the past 12 months,” said Thomas “Tom” Lee, Executive Chairman of Bitmine.
Lee blamed the price pressure on things outside of the core network performance. Thus, the argument is that non-fundamental factors are more the factors explaining the weakness in ETH prices.” Foremost in our opinion is that leverage has not flowed back yet to crypto as the ripple effects of October 10th continue. The second factor is the surge in precious metals prices that have acted as a ‘vortex’ sucking away risk appetite from crypto,” said Lee.
The firm kept on accumulating during the dip, buying 41,788 ETH in the previous week. “Bitmine has been constantly purchasing Ethereum because we consider this to be a pullback due to the strengthening of the fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH, and its role as the future of finance.” continued Lee.
Ethereum Price May Extend Correction to $1800
After a 5-day bloodbath, the Ethereum price has managed to hold above $2,200. The broader market relief rally temporarily pushed the coin price to $2,386 before retracting back to $2,316.
As a result, the daily candle shows a long-wick rejection on either side, indicating an intact uncertainty in the broader market. If the post-correction pullback gains momentum, the Ethereum price could jump 13% and challenge key resistance at $2,600 based on our Ethereum forecast.
The 20-day exponential moving average would likely reach the aforementioned level too, offering additional headwind to price. As the prevailing market trend is bearish, the ETH price could reject from overhead resistance and renew selling pressure.
In case of prolonged downtrend, the bear could stretch the price correction another 23% to hit $1,800. The above chart highlights that a long-coming support trendline current coinciding close to $1,800 mark, offering ETH buyers a life line to protect its long-term uptrend.
Also Read: Has Bitcoin Price Bottomed After 40% Correction? Experts Says No
