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

On December 7, according to Cointelegraph, BitMine continued aggressive purchases during the market downturn, while the top traders in the Ethereum industry are generally betting that ETH will fall further. BitMine accumulated $199 million worth of ETH purchases 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 and nearing its long-term accumulation goal 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 tracked that “smart money traders” are increasing their ETH short positions: $2.8 million in new short positions were added in the past 24 hours, bringing total short positions to $21 million, resulting in overall net shorting of ETH and betting on a short-term price correction. Meanwhile, inflows into spot Ethereum 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 billion.