BitMine buys $199 million worth of ETH against the market trend, despite "smart money" betting on ETH's decline

BitMine continues to make large purchases during the market downturn, while the best-performing traders in the Ethereum sector are generally betting that ETH will decline further. BitMine has accumulated $199 million in ETH over the past two days: $68 million on Saturday and $130.7 million on Friday. Currently, BitMine holds $11.3 billion worth of ETH, accounting for 3.08% of the total Ethereum supply, nearing its long-term accumulation target of 5%. The company also holds an additional $882 million in cash reserves, which may be used for further ETH investments.

On-chain intelligence platform Nansen has tracked that "smart money traders" are increasing their short positions on ETH: an additional $2.8 million in short positions has been added in the past 24 hours, bringing the total short position to $21 million, overall net shorting ETH, betting on a short-term price correction. Meanwhile, the inflow of funds into Ethereum spot ETFs remains weak: there was a net outflow of $75.2 million on Friday (the second consecutive day), with a total outflow of $1.4 billion in November.