Struggling DATs, a Resurfacing of Bitcoin's Shadowy Past, And More – Week In Review

This week’s stories cut to crypto’s foundations. Tom Lee defended ETH treasury drawdowns as structural, not a flaw. The new Epstein file dump reignited scrutiny around Blockstream. Nic Carter showed most Bitcoin devs see quantum risk as distant, but legitimate. Vitalik called time on generic L2s, and Wintermute’s Evgeny Gaevoy argued the industry has stalled on real substance despite nonstop narratives.

Tom Lee Defends Bitmine’s Ethereum Treasury Strategy

Bitmine is facing criticism online over large unrealized losses tied to its Ethereum holdings, but Chairman Tom Lee says… read more.

Editor’s comment: At this point, there’s not much else Lee can do besides double down and appear confident. If Bitmine is going to become the Strategy of Ethereum, there’s going to be times where conviction is tested and the company takes public heat.

Ethereum’s L2 Scaling Story Gets a Rewrite From Vitalik Buterin

Vitalik Buterin is openly challenging long-held assumptions about Ethereum’s layer-two ( L2) strategy, arguing that the.… read more.

Editor’s comment: For the L2s that have already branded themselves purely on being an “Ethereum scaling solution,” rebranding to something else after years of development and sunk costs sounds like no easy feat. Another interesting crossroads in the Ethereum story.

Blockstream Named Dozens of Times as New Epstein Files Roil the Crypto Conversation

At the start of February 2026, a massive DOJ dump of Jeffrey Epstein-linked records has recently hijacked the crypto conversation… read more.

Editor’s comment: It has been alleged for years by experts that nefarious actors had “hijacked” Bitcoin to limit its abilities. The latest email dump from the DOJ sadly appears to vindicate those claims.

Nic Carter Maps Developer Views on Quantum Threats to Bitcoin Security

Bitcoin developers largely dismiss quantum computing as a near-term threat to network security, according to an index of public statements compiled by Nic Carter … read more.

Editor’s comment:

Carter continues to spearhead the movement to quantum-proof Bitcoin. While it may have been a misinterpretation, Carter thinks that on Galaxy’s latest earnings call, Mike Novogratz was hinting that OG whales are selling due to the quantum risk.

Wintermute Founder Casts a Cold Eye on Crypto’s Direction

Wintermute founder Evgeny Gaevoy offered a blunt assessment of crypto’s current condition on Wednesday, arguing that the industry has… read more

Editor’s comment:

Gaevoy gave one of the most sobering bear market quotes in recent memory:

“- sol vs eth vs is a pointless discussion cause nothing significant happens on any of them, so nobody really won (and coincidentally nobody really lost yet).”

FAQ

• What did Tom Lee say about Bitmine’s ethereum losses?

Lee said the drawdowns reflect treasury structure and long-term conviction, not a failure of the ethereum strategy.

• Why is Vitalik Buterin rethinking ethereum layer-two scaling?

Buterin argued generic L2s no longer add meaningful differentiation and should evolve beyond simple scaling narratives.

• Why is Blockstream back in the spotlight?

New DOJ-released Epstein files renewed scrutiny around historical ties and bitcoin governance debates.

• How do developers view quantum risk to bitcoin, according to Nic Carter?

Most see quantum computing as a distant but legitimate concern, not an immediate threat to bitcoin security.