Ethereum Below $2,000 as BitMine Accumulates Despite $7B Losses

Ethereum trades below $2,000, leaving many investors underwater as the downtrend extends into February 2026. BitMine highlighted research by Sean Farrell, Fundstrat’s Head of Digital Asset Strategy, showing Ethereum’s realized price at $2,241 while the market was near $1,934 — leaving the average holder in the red.

The analysis placed the current drawdown in the 9th decile, noting that in prior cycle lows ETH traded about 39% below realized price in 2022 and roughly 21% in 2025. Applying those discounts to the current realized price implies lows near $1,367 or $1,770, and the decile’s median 12‑month forward return has been about 81% with an 87% 12‑month win ratio, suggesting higher prices were common a year later.

BitMine’s holdings show roughly $7 billion in unrealized losses per CryptoQuant, yet the firm has continued to accumulate.

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