In the past few days, there has been a huge blow in cryptocurrency with a massive setback to investors as prices have depreciated in high percentage. However, on Monday, the 2nd, Bitmine treasuries shocked the masses by purchasing more ETH to increase shares despite its current losses from previous purchases.
Bitmine’s Unshaken Bet on Ethereum
Despite incurring paper losses of $6 billion, Bitmine has acquired another 41,788 ETH at an average price of $ 2317, as their market treasuries are confident that ETH will rebound. Tom Lee, the firm's chairman, defended these accumulation strategies by pointing to strengthening Ethereum fundamentals despite price weakness and terming Ethereum as the future of finance.
These tweets miss the point of an ethereum treasury:
- BitMine is designed to track the price of $ETH
- outperform over the cycle (think up ETH)
- crypto is in a downturn, so naturally ETH is down$BMNR will see “unrealized” losses on our holdings of ETH during these times:
-… https://t.co/VpoNjAnJdC
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) February 3, 2026
Bitmine, which holds the largest percentage of the circulating supply of Ethereum in the market, had earlier predicted the shift in the market. They stated that the 2026 market would be rough, but they are convinced that Ethereum would rebound. Therefore, as a publicly traded Ethereum treasury, they feel they have a mandate to accumulate ETH as a reserve asset during downturns to position for recovery.
Ethereum Price Analysis
For the past few days, the whole crypto market has been bleeding, and even worse, sentiment shows that this trend could extend in the coming days.
For instance, one analyst, Jake Wujastyk, commented via X that Ethereum could trade between $1800 to $1850 if the fallout intensifies.
G. Martina, another market analyst, also commented on X that Ethereum’s higher timeframe structure looks stronger than Bitcoin’s despite ongoing weakness. The analyst further remarked that as long as Bitcoin remains structurally bearish, ETH will remain under pressure as most of the market indicators, including the price action, continue to point toward a sustained downtrend.
In the midst of all this sentiment and price cycles, Tom Lee still remains optimistic on ETH. He stated that two factors influencing Ethereum’s price are the lingering effects of large-scale liquidation operations since October 2025 and that the leverage effect in the derivative market has not yet returned.
His prediction of the Ethereum price is that it could hit between $7000–$9000 by 2026. He attributed the potential growth to long-term structural growth rather than short-term price. Further, he added that recent volatility does not change Ethereum’s role in financial infrastructure and that the outlook focuses on tokenization, faster settlement, and more institutional adoption worldwide, which surely gives it more utility.
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