While corporate treasury interest is not as high in other areas of the market, Ethereum-focused accumulation has remained relatively consistent, and that type of demand even in less favorable conditions begins to matter over time.
As of early 2026, New Hampshire has not yet made a purchase. Though the authority exists and the infrastructure surrounding it is being built, the state that got there first legislatively has been cautious about initiating a purchase in deliberate contrast to what Texas did next.
On March 6, 2025, President Donald Trump signed Executive Order 14233, formally creating a Strategic Bitcoin Reserve and a broader U.S Digital Asset Stockpile.
February 2026 may be remembered as one of the biggest capitulation phases in Bitcoin's history. On February 5 alone, on-chain analytics data showed investors realized $3.2 billion in losses within a 24-hour period, placing the event among the largest loss days ever recorded in crypto markets
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