Coinbase CEO Brian Armstrong said on February 16 that platform data shows retail users kept adding to BTC and ETH during the market drop, with most customers holding the same amount or more in February than they did in December 2025. His comments came as crypto prices were under pressure, with Bitcoin falling below $69,000 and Ether slipping under $2,000.
Retail balances increased during the sell-off
Armstrong said retail traders on Coinbase showed “extreme resilience” in the latest decline. According to the figures he cited, customer holdings of BTC and ETH in native units rose rather than fell even as Bitcoin dropped more than 14% in February and Ether posted a steeper decline. That suggests some users were not simply sitting on unrealized losses as prices fell. They were buying more at lower levels.
His argument rests on two points. One is dip-buying. The other is that retail conviction held up even through a sharp drawdown. Short statement, clear message.
Most customers held at least as much as they did in December 2025
The more striking claim was that the vast majority of Coinbase customers held the same amount or more in February than in December 2025. Armstrong used the crypto term “diamond hands” to describe that behavior. In the comparison period cited in the source material, Bitcoin was still trading above $80,000 in December, which means many retail users did not materially reduce exposure after the market weakened, and some increased it.
The figures offer a view into retail positioning on Coinbase rather than the entire crypto market. Even so, data from a major exchange tends to draw attention during periods of heavy selling and rising stress across the market.
COIN jumped 16% as questions also surfaced
Equity investors reacted quickly. Coinbase stock, COIN, closed up 16% in the most recent trading session, pointing to a positive response to the retail accumulation narrative.
At the same time, Armstrong faced questions over his own transactions. The source material cites reports that he recently sold about $101 million worth of Coinbase shares, with the sale taking place as COIN touched multi-month lows. That contrast sparked discussion over consistency between his public message and personal stock sales. For now, the reported platform data and the share sale remain the core facts in focus.