Ethereum's core values face a crisis of re-evaluation due to sudden changes in the market environment

Ethereum (ETH) is currently at a stage where its fundamental value proposition is being seriously questioned by the market. Distinguishing whether this is just a temporary price decline or an unfounded structural problem is crucial for future investment decisions.

Structural blow or cyclical adjustment — investors’ doubts deepen

According to Odaily, the current market is in chaos. Bitmine is carrying an enormous unrealized loss of about $8.8 billion, already surpassing the $8 billion loss faced during the initial phase of the FTX collapse. This indicates that it’s not just a price correction but possibly a strategic failure in capital management.

Capital allocation failure exposes core value weakness

In the case of Bitmine, demand rapidly declined, and during a period when ETH’s price approached April 2021 levels, they continued to aggressively buy more ETH. The scale of losses caused by this decision suggests more than just poor market timing. It clearly illustrates how governance and timing mistakes can negatively impact long-term value creation.

Ethereum’s core value itself is being questioned

Ethereum’s current trading price (around $1,920 as of February 2026) is approaching a key valuation level, and its core value proposition is undergoing structural scrutiny. The market is faced with a fundamental question: does Ethereum truly have a sustainable value foundation, or is this just a phase of cyclical downturn?

Investors need to make a cold assessment

At this stage, investors must re-evaluate Ethereum’s core value. It’s essential to carefully determine whether the market is at a trough of the economic cycle or entering a more fundamental structural challenge. This judgment will significantly influence future risk management and opportunity recognition.