BitMine Buys an Additional $1.99 Billion Worth of ETH Against the Market Trend, Despite Smart Money Betting on ETH's Decline

BlockBeats News, December 7th, according to Cointelegraph, BitMine continues to buy heavily as the market drops, while the most outstanding traders in the Ethereum industry are generally betting on further ETH price decline. BitMine has accumulated a total of $199 million worth of ETH in the past two days: $68 million purchased on Saturday and $130.7 million purchased on Friday.

Currently, BitMine holds $11.3 billion worth of ETH, accounting for 3.08% of the total Ethereum supply, approaching its long-term accumulation target of 5%. The company also holds an additional $882 million in cash reserves, which may be used for additional ETH investments.

On-chain analytics platform Nansen has tracked that "smart money traders" are increasing their ETH short positions: a net addition of $2.8 million in short positions in the past 24 hours, bringing the total short positions to $21 million, overall net short on ETH betting on a short-term price pullback.

At the same time, inflows into the Ethereum spot ETF remain weak: a net outflow of $75.2 million was recorded on Friday (the second consecutive day of outflows), with a total outflow of $1.4 billion in November.