Analysts spar over whether Ethereum has found a bottom

Analysts split on whether Ethereum has bottomed as MVRV dips; BitMine adds 40,000 ETH.

The second-largest cryptocurrency is in a capitulation phase, though selling intensity remains below the bear-market lows of 2018 and 2022, said Alphractal founder Joao Wedson.

Ethereum MVRV Z-Score is in the capitulation zone 🔴

The most recent low was -0.42.
The lowest value in history was -0.76, recorded in December 2018.

This shows that Ethereum is indeed going through a clear capitulation process.
However, it is important to be honest with the… pic.twitter.com/9hFx7AxDKz

— Joao Wedson (@joao_wedson) February 9, 2026

According to the analyst, the MVRV Z-Score has fallen to -0.42. The all-time low of -0.76 was recorded in December 2018.

Wedson cautioned that declines may continue until a definitive structural bottom forms.

HashKey Group senior researcher Tim San also argues it is premature to call an end to the correction. Network fundamentals are improving, but external forces remain a headwind. A potential liquidity squeeze ahead of the April tax season is a significant risk.

By contrast, MN Trading founder Michaël van de Poppe called the current setup “a tremendous opportunity”.

I think that this is a tremendous opportunity to be looking at $ETH.

The core reason for this is that there’s a massive gap to the ‘fair price’.

The current valuation of $ETH is just as underpriced (based on the MVRV ratio) as during the following periods:
— April ’25 crash.
-… pic.twitter.com/BfDW6V8MeK

— Michaël van de Poppe (@CryptoMichNL) February 9, 2026

He said the gap between market and “fair” value for ETH is now large. The current undervaluation is comparable to levels during the Terra collapse and the Covid-19 market crash in March 2020.

Bitrue lead researcher Andri Fauzan Adziima added that negative MVRV readings have historically preceded explosive rebounds. He called the current moment an excellent chance for long-term accumulation.

At the time of writing, the second-largest cryptocurrency trades at $2,007 (down 3% on the day).

BitMine’s purchases

BitMine Immersion Technologies bought an additional 40,000 ETH worth about $83.6m. According to Arkham Intelligence, the firm received 20,000 ETH from FalconX.

Lookonchain analysts also recorded a similar-sized purchase via custodian BitGo. The trades were executed around $2,090.

It seems that Tom Lee(@fundstrat)’s #Bitmine bought another 20,000 $ETH($42.3M) from BitGo 7 hours ago.

Today alone, it has bought 40,000 $ETH($83.4M).https://t.co/cY4jpzYpQu pic.twitter.com/YNTMDgdo3h

— Lookonchain (@lookonchain) February 10, 2026

Including the 40,613 ETH bought last week, BitMine’s total reserves exceeded 4.36m coins. The company said it has completed 72% of its plan to accumulate 5% of ether’s market supply.

BitMine chairman Tom Lee called current levels attractive for entry. In his view, ETH’s price does not reflect the network’s real utility or its future role in finance.

“The best investment opportunities appear after markets fall. We continue to buy Ethereum as the fundamentals strengthen,” Lee said.

Earlier, the executive urged investors to ignore the company’s $6.9bn in unrealised losses, calling them an expected part of a long-term strategy.