Crypto Crash Fallout: Which Investors Took the Biggest Hits?

Key Points

• Crypto market plunged sharply, triggering Extreme Fear and widespread unrealized losses.
• Major firms and individuals reported substantial portfolio drawdowns across BTC, ETH, and other assets.

The cryptocurrency market experienced a sharp downturn, pushing sentiment to Extreme Fear on CMC’s Fear and Greed Index.

On February 6, total market capitalization fell more than 7% in 24 hours to roughly $2.26 trillion, reflecting broad-based selling pressure.

Market conditions during the decline

The drawdown affected both institutional and individual portfolios, with several large holders reporting significant unrealized losses.

Price declines over the same period included drops of around 8% for Bitcoin (BTC) and about 10% for Ethereum (ETH).

Notable portfolios with unrealized losses

BitMine reported unrealized losses exceeding $8.3 billion on its ETH treasury, after investing more than $16 billion at higher prices.

Strategy, formerly MicroStrategy, held over 700,000 BTC with unrealized losses of approximately $8.21 billion, based on data from SaylorTracker.

Trump Media disclosed unrealized losses of more than $335 million on its BTC holdings, representing a drawdown of over 44% from acquisition value.

Cypherpunk Technologies reported holding over 290,000 ZEC, with unrealized losses exceeding $33 million, according to market pricing data.

Ethereum co-founder Vitalik Buterin’s portfolio declined significantly from its 2025 peak, reflecting hundreds of millions of dollars in unrealized losses across multiple digital assets.

Crypto trader Murad saw his portfolio fall from a peak above $67 million in mid-2025 to about $8.6 million, implying unrealized losses exceeding $58 million.

Changpeng Zhao (CZ), founder of Binance, reported holding ASTER tokens with unrealized losses of over $800,000 following recent price declines.