Crypto Index Drops 9.3% as Whales Buy the Dip

Edgen Crypto

·Feb 02 2026, 16:43

Share to

Share to

Copy link

Key Takeaways

A sharp weekend sell-off saw the CoinDesk 20 index fall 9.3%, with all constituent assets declining. Ethereum led the losses with a 13.9% drop. Despite the rout, which wiped out $290 billion from the total crypto market capitalization, major institutional players and whales initiated significant purchases.

Broad-Based Crash: The CoinDesk 20 index fell 9.3% to 2,285.37 over the weekend, with every one of its 20 assets trading lower.
Ethereum Leads Decline: Ethereum (ETH) was the index's worst performer, plummeting 13.9%, followed closely by Aptos (APT) which fell 12.7%.
Whales Accumulate: The downturn triggered significant buying from large entities, including a $100 million Bitcoin purchase by Justin Sun and a planned $1 billion BTC buy from Binance.

Index Plummets 9.3%, Wiping Out $290 Billion

The digital asset market experienced a severe correction over the weekend, with the broad-based CoinDesk 20 Index falling 9.3% to 2,285.37 by Monday morning. The sell-off was comprehensive, as all 20 of the index's constituent assets posted losses since trading closed at 4 p.m. ET on Friday. The total market capitalization of all cryptocurrencies fell by $290 billion during the rout.

Ethereum (ETH) led the decline among large-cap assets, falling 13.9%. Other significant laggards included Aptos (APT), which dropped 12.7%. Even the best-performing assets in the index, Bitcoin Cash (BCH) and Cronos (CRO), could not escape the downturn, posting losses of 4.0% and 4.9%, respectively.

Institutions Buy Into Market Weakness

The sharp price decline prompted immediate accumulation from several major market participants. Tron founder Justin Sun announced he was purchasing $100 million worth of Bitcoin. Similarly, crypto exchange Binance signaled its intent to buy $1 billion in BTC for its treasury after moving 1,315 BTC into its user protection fund.

The buying activity extended to Ether, even as it led the market lower. Tom Lee's BitMine Immersion, while reporting rising paper losses, added another 41,000 ETH to its holdings. This wave of accumulation by large, well-capitalized entities suggests a conviction that the sell-off represents a buying opportunity rather than a sustained trend reversal.