The second-largest cryptocurrency is undergoing a capitulation process, but the intensity of sales is still less than the lows seen during the bear markets of 2018 and 2022. This was stated by 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 metric has dropped to -0.42. The historical minimum was recorded in December 2018 at -0.76.

Wedson warned of a potential continuation of the decline until a definitive structural bottom is formed.

Senior researcher at HashKey Group, Tim Sang, also believes it is premature to say that the correction has ended. While fundamental indicators of the network are improving, external factors continue to exert negative pressure. A potential liquidity shortage ahead of the April tax season remains a significant risk.

In contrast, MN Trading founder Michaël van de Poppe described the current situation as 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 noted that the gap between the market and "fair" value of ETH is currently enormous. The asset's current undervaluation is comparable to levels seen during the Terra collapse and the market crash due to COVID-19 in March 2020.

Bitrue's lead researcher, Andri Fauzan Adziima, added that negative MVRV values have historically preceded explosive price recoveries. He called the current moment an excellent opportunity for long-term accumulation.

At the time of writing, the second-largest cryptocurrency is trading at $2007 (-3% over the past day).

15-minute ETH/USDT chart from Binance. Source: TradingView.

BitMine Purchases

BitMine Immersion Technologies has acquired an additional 40,000 ETH worth approximately $83.6 million. According to Arkham Intelligence, the firm received 20,000 ETH from FalconX.

Source: Arkham.

Lookonchain analysts also recorded a purchase of a similar volume of coins through custodian BitGo. The transactions occurred at an asset price of around $2090.

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

With the acquisition of 40,613 ETH last week, BitMine's total reserves have exceeded 4.36 million coins. The company has achieved 72% of its plan to accumulate 5% of the market supply of Ethereum.

BitMine's chairman, Tom Lee, described the current levels as attractive for entry. He believes the price of ETH does not reflect the real utility of the network and its role in future finance.

“The best investment opportunities arise after market declines. We continue to buy Ethereum as the fundamental indicators strengthen,” Lee stated.

Previously, a top executive urged to ignore the company's unrealized losses of $6.9 billion, calling them an expected part of a long-term strategy.