# Cryptocurrencies Slide as Ethereum Drops 6% Despite Optimistic Long-Term Forecasts

- URL: https://stocks.freetheai.org/news/cryptocurrencies-slide-as-ethereum-drops-6-despite-optimistic-long-term-892b5c
- Published: 2026-10-08T16:18:35Z
- Category: crypto; sentiment: mixed; impact: medium
- Symbols: [CRYPTO:ETHUSD](https://stocks.freetheai.org/symbols/CRYPTO-ETHUSD), [CRYPTO:BTCUSD](https://stocks.freetheai.org/symbols/CRYPTO-BTCUSD), [NYSE:BMNR](https://stocks.freetheai.org/symbols/NYSE-BMNR)
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Major cryptocurrencies slid on Thursday despite highly optimistic long-term forecasts from industry leaders. Ethereum (CRYPTO:ETHUSD) fell nearly 6% to trade around $2,420, while Bitcoin (CRYPTO:BTCUSD) dropped about 3% to $80,740. Shares of Bitmine Immersion Technologies Inc (NYSE:BMNR) also declined over 5% to trade at $23.29.

These short-term losses contrast with projections of a massive expansion cycle. Proponents argue that Bitcoin's August breakout above its 200-day moving average historically signals the start of a major upward trend. They point to positive year-to-date exchange-traded fund inflows, growing institutional demand, and a generational wealth transfer as key catalysts. Furthermore, the tokenization of traditional financial assets on blockchain networks is expected to create significant market opportunities.

Market participants are now watching to see if the digital asset market has established its cyclical bottom. Key factors to observe include the pace of institutional tokenization and the accumulation of digital assets by treasury companies. For instance, Bitmine has accumulated nearly 6 million Ethereum and is seeking to acquire another 100,000 to reach its target of owning 5% of the total supply.

## Key points

- Ethereum fell nearly 6% to $2,420 on Thursday, while Bitcoin dropped over 3% to trade around $80,740.
- Bitmine Immersion Technologies shares declined more than 5% to $23.29 during the market pullback.
- Long-term forecasts point to positive ETF inflows and institutional tokenization as major growth drivers.
- Bitmine has accumulated nearly 6 million Ethereum, aiming to own 5% of the total supply.

## Questions and answers

### Why is Ethereum down today?

On Thursday, Ethereum fell nearly 6% to trade around $2,420, dropping from $2,700 at the start of the week, amid a broader cryptocurrency market decline.

### What is the long-term outlook for Bitcoin?

Proponents point to Bitcoin's August breakout above its 200-day moving average as a historically strong bullish signal, alongside positive ETF inflows and growing institutional demand.

### What is Bitmine Immersion Technologies' Ethereum target?

Bitmine has accumulated nearly 6 million Ethereum and needs another 100,000 to reach its goal of owning 5% of the total Ethereum supply.