Retail investors on Coinbase have remained resilient through recent market turbulence, increasing their holdings of Bitcoin and Ethereum even as volatility intensified, according to Chief Executive Officer Brian Armstrong.

Key Takeaways:

• Coinbase retail users have increased BTC and ETH balances during recent volatility.

• Native unit holdings in February matched or exceeded December levels for most users.

• Armstrong says retail investors are “buying the dip.”

• Retail resilience contrasts with derivatives-driven volatility.

• Bitcoin is trading around $68,500 amid macro and leverage pressures.

In a social media post, Armstrong said Coinbase data show retail users have been “buying the dip,” with native unit balances rising across both Bitcoin and Ethereum. He added that the vast majority of customers held balances in February equal to or greater than their December levels, signaling what traders commonly describe as “diamond hands.”

Retail users on Coinbase have been very resilient during these market conditions, according to our data:

– They’ve been buying the dip – we’ve seen a native unit increase for retail users across BTC and ETH

– They have diamond hands – vast majority of customers had native unit…

— Brian Armstrong (@brian_armstrong) February 15, 2026

Bitcoin was recently trading near $68,500, while Ethereum hovered around the $2,000 level, as markets navigated macro uncertainty and leveraged derivatives positioning.

Retail Accumulation Amid Volatility

Armstrong’s comments suggest that smaller investors may be using price pullbacks to accumulate rather than exit positions. An increase in “native units” – meaning the number of coins held rather than their dollar value — indicates conviction despite price fluctuations.

This pattern contrasts with narratives that retail investors capitulate during downturns. Instead, Coinbase’s internal data imply that customers are maintaining or expanding exposure.

Divergence Between Spot and Leverage Activity

Recent volatility in Bitcoin has been widely attributed to derivatives markets, where leveraged options and perpetual futures amplify price swings through liquidations and forced hedging.

Retail spot buyers accumulating on exchanges represent a structurally different behavior from short-term leveraged traders. While derivatives can intensify intraday moves, steady spot accumulation may provide longer-term support.

Sentiment and Cycle Positioning

Historically, sustained retail accumulation during drawdowns has preceded recovery phases in crypto cycles. However, broader market direction will continue to depend on macroeconomic conditions, institutional flows and liquidity dynamics.

Armstrong’s remarks underscore a recurring theme in crypto markets: retail participation often remains engaged even when headlines suggest instability.

If spot accumulation continues while leverage moderates, the resilience of smaller investors could play a stabilizing role in the current cycle.