Ethereum slid 9% to a low near $2,165 on Feb. 2, wiping out more than $25 billion in market value.
By Parth Dubey
Editor Hamza Tariq
Updated
3 mins read
Ethereum ETH $2 278 24h volatility: 4.6% Market cap: $274.90 B Vol. 24h: $54.02 B fell 9% to a daily low near $2,165 on Feb. 2 and erased more than $25 billion from its market cap in 24 hours.
At the time of writing, the cryptocurrency is trading around $2,227. The fall extends last week’s sell-off, with Ether now down 23% over the past seven days.
Despite the steep decline, on-chain data shows a clear split in behavior between institutional players reducing exposure and long-term holders stepping in to accumulate.
Bitmine is among the largest entities under pressure from the price drop. The firm holds about 4.24 million ETH acquired at an average price of $3,882, for a total cost of around $15.65 billion. At current prices, those holdings are valued near $9.54 billion.
This means the firm now bears over $6 billion in unrealized losses on its Ether holdings. Bitmine has continued to add ETH and expand its staking products.
Trend Research has been actively reducing its ETH holdings amid the price drop, data shared by LookOnChain suggests.
On Feb. 2, the firm deposited another 20,000 ETH worth about $43.88 million into Binance.
Trend Research just deposited another 20,000 $ETH($43.88M) to #Binance.https://t.co/nDgzLGIC4N pic.twitter.com/SVjzrxTAF8
— Lookonchain (@lookonchain) February 2, 2026
Over the past 24 hours, Trend Research deposited a total of 53,589 ETH valued at more than $120 million, then withdrew 77.5 million USDT to repay outstanding loans on Aave AAVE $126.9 24h volatility: 0.5% Market cap: $1.93 B Vol. 24h: $583.54 M .
Despite these sell-offs, the firm still holds 418,045 ETH.
While some large holders sell, Ethereum OGs are aggressively buying the dip using looped borrowing strategies.
On-chain data reveals that two wallets that had remained inactive for five years recently became active.
Together, they deposited 44,490 ETH valued at $98.3 million into Aave, borrowed 104 million USDT, and used the funds to buy 45,319 ETH at an average price of $2,295.
Ethereum OGs are buying $ETH using looped borrowing.
Two wallets that were dormant for 5 years deposited 44,490 $ETH($98.3M) into #Aave, then borrowed 104M $USDT to buy 45,319 $ETH at $2,295 avg.https://t.co/Wc1QkkFX2Ghttps://t.co/3ky7LSXIoc pic.twitter.com/PJ10L3Q74k
— Lookonchain (@lookonchain) February 2, 2026
Meanwhile, an OTC whale purchased 30,392 ETH worth about $70.12 million earlier on Feb. 2.
Some whales are panic-selling, while others are bravely buying the dip.
This OTC whale bought 30,392 $ETH($70.12M) and 500 $CBBTC($30.74M) over the past 10 hours.https://t.co/DZt7lpwYbK pic.twitter.com/H576I2tnD4
— Lookonchain (@lookonchain) February 2, 2026
The current sell-off triggered massive liquidations, with Jan. 31 marking one of the strongest capitulation events in four months.
Ethereum has broken below its 200-day simple moving average, a level that last failed in March 2025 before a rally from $1,600 to nearly $4,900.
Analysts note that the current price is a good buying opportunity with next key support around $1,850-$1,550.
Popular analyst Crypto Patel recently reiterated his long-term target of $10,000 for ETH.
$ETH UPDATE: 40% DROP FROM MY WARNING
When #ETHEREUM Was at $3,850, I Warned you:
"If $3,500-$3,600 Breaks = BIG Bearish Signal"
Today: #ETH hit $2,204 ✅Now I’m Saying This Again:
👉 This Zone Is One Of The Best Zones To Start Long-Term Accumulation.My Strategy:
1st Entry:… https://t.co/tlPsiz2qV9 pic.twitter.com/ZixzyvC08i— Crypto Patel (@CryptoPatel) February 1, 2026
As Ether remains under pressure, interest is shifting toward newer crypto projects such as Bitcoin Hyper (HYPER).
The project has already raised about $31.19 million during its ongoing presale as investors look for alternatives beyond top assets.
Bitcoin’s base network continues to face challenges like congestion and high fees. Bitcoin Hyper introduces a Layer 2 network that uses Solana SOL $102.9 24h volatility: 1.0% Market cap: $58.30 B Vol. 24h: $8.99 B based technology to improve transaction speed and reduce costs.
Transactions are processed through an off chain execution layer before settling on the Bitcoin BTC $77 615 24h volatility: 0.9% Market cap: $1.55 T Vol. 24h: $83.19 B network, aiming to balance efficiency with finality.
The ecosystem is powered by its native token, HYPER, which is used for transaction fees, staking, and access to network features. HYPER token is currently priced at $0.013675. Check out our guide on how to buy Bitcoin Hyper if you want to join the presale.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.