Ethereum $ETH ( ▲ 6.92% ) is getting hit the hardest in this latest risk-off wave.
In the last 24 hours, ETH dropped about 7%, wiping out basically all of its gains for 2026 and bringing it back to flat on the year.
ETH is now hovering just under $3,000, which is more than a 10% pullback from its 2026 high near $3,350.
How ETH compares to the rest of crypto
This wasn’t just an ETH-only move, but ETH is clearly leading the downside:
Bitcoin $BTC ( ▲ 5.11% ) down 3.6%
XRP $XRP ( ▲ 3.16% ) down 5.2%
Solana $SOL ( ▲ 6.23% ) L down 5.6%
Dogecoin $DOGE ( ▲ 2.56% ) down 4%
So ETH is basically wearing the biggest bruise in the top-coin group right now.
BitMine keeps stacking ETH anyway
While ETH is sliding, BitMine Immersion Technologies $BMNR ( ▲ 9.38% ) (one of the biggest ETH treasury firms) is still acting like dips are just clearance sales.
Last week, the firm bought an additional 35,268 ETH worth $108M, bringing its total stash to around 4.2M ETH worth nearly $12.7B at current prices.
They’re also putting ETH to work: BitMine allocated 581,920 ETH for staking.
Staking demand is rising
One of the more interesting signals buried in this is staking participation.
The entry queue to start staking is now multiple times longer than the exit line, meaning more people are trying to lock up ETH than cash out.
Bottom line: ETH just gave up its early-2026 momentum fast, but the big treasury players are still accumulating, and staking demand is quietly tightening supply in the background.