While small investors are panicking over Ethereum’s sharp 37% drop in the last month, big institutions are reacting very differently.
At press time, Ethereum [ETH] was trading around $2,013, a level that looks risky to many. But for some of the biggest names in crypto, this crash is an opportunity rather than a warning sign.
Arthur Hayes and Tom Lee’s Bitmine adds Ethereum
According to Lookonchain, Arthur Hayes deposited 1,000 ETH worth about $1.99 million into Bybit, showing active positioning during market volatility.
At the same time, Tom Lee’s Bitmine bought another 45,759 ETH worth $90.83 million, increasing its total holdings to 4,371,497 ETH valued at $8.68 billion.
With an average entry price of around $3,821, the firm is now sitting on an unrealized loss of more than $8.03 billion.
This comes as Ethereum continues to struggle near key levels. Still, despite the weak price action, some analysts remain optimistic about its long-term recovery.
For instance, Borovik noted,
Does Ethereum look weak or healthy?
Ethereum is now in what analysts call a phase of market coldness. Data from Alphractal shows that Ethereum’s Market Temperature, which tracks indicators like MVRV, RVT, and NUPL, is near zero.
In simple terms, this means market emotions have almost disappeared.
Source: Alphractal/X
In the past, such cold phases usually appeared after retail investors had already sold in fear. When this happens, greed fades and is replaced by hesitation and low confidence, leaving the market quiet and depressed.
Ethereum’s price reflects this shift. After falling from $4,500, ETH is now stuck near $2,000 with no strong rebound. Instead of a swift recovery, prices are moving sideways, showing weak buying interest.
What does the MVRV ratio tell us about ETH’s next move?
The red and yellow zones on the chart show how different traders are feeling.
Source: Santiment
The red zone tracks people who bought Ethereum in the last 30 days, and it is deep in the negative. This means most recent buyers are losing money, which makes them frustrated and more likely to sell when prices rise.
The yellow zone tracks short-term traders over 24 hours. Presently, it is flat and quiet, showing that even day traders have lost interest. Normally, strong bottoms come with big moves in this area, but that is missing.
Together, these signals point to a low-energy market. Long-term buyers are stuck in losses, and short-term traders are inactive.
What’s more?
This follows Jeffrey Huang’s recent move, where he was taking a much riskier path. According to Lookonchain, Huang lost over $27.5 million in just 20 days and has been liquidated 145 times since late 2025.
Yet, instead of cutting risk, he has become more aggressive, selling spot holdings to fund highly leveraged bets on Bitcoin, Ethereum, and HYPE.
All these movements show that Ethereum is in a tough spot, and if buyers fail to regain confidence soon, even the strongest investors may come under serious pressure.
Final Summary
- Hayes has a history of buying when sentiment is weakest and prices look most risky.
- The $2,000 level has become a key psychological and technical support for Ethereum.
Source: https://ambcrypto.com/arthur-hayes-tom-lee-buy-ethereums-dip-as-retail-panic-whats-going-on/
