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

ChainCatcher reported that 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 fall further. BitMine has accumulated $199 million worth of ETH over the past two days: $68 million was bought on Saturday, and $130.7 million on Friday. Currently, BitMine holds $11.3 billions worth of ETH, accounting for 3.08% of the total Ethereum supply, and is approaching its long-term accumulation target of 5%. The company also holds an additional $882 million in cash reserves, which may continue to be used for further ETH investments.

On-chain intelligence platform Nansen has tracked that "smart money traders" are increasing their short positions on ETH: in the past 24 hours, $2.8 million in new short positions have been added, bringing the total short position to $21 million, with an overall net short on ETH, betting on a short-term price correction. Meanwhile, inflows into Ethereum spot ETFs remain weak: Friday saw a net outflow of $75.2 million (the second consecutive day), with total outflows in November reaching as high as $1.4 billions.