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BitMine doubles down on Ether amid market skepticism
BitMine Immersion Technologies, the world’s largest corporate Ether holder, has purchased $199 million worth of ETH over the past 48 hours, signaling continued conviction in Ethereum’s long-term outlook even as short-term traders press bearish bets.
Recent purchases and holdings
According to on-chain tracker Lookonchain, BitMine executed two sizable buys: roughly $130.7 million on Friday and $68 million on Saturday. Those acquisitions lift BitMine’s total Ether holdings to approximately $11.3 billion, equal to about 3.08% of the total ETH supply. The firm’s accumulation moves it closer to a stated 5% target detailed by StrategicEthReserve.
Largest corporate Ether holders
The miner also reportedly retains about $882 million in cash reserves that can be deployed for additional Ether accumulation. This pattern of buying the dip is notable given a broader slowdown in digital asset treasury (DAT) activity: corporate ETH acquisitions dropped 81% over three months, from roughly 1.97 million ETH in August to 370,000 ETH net in November. Despite that, BitMine accounted for the lion’s share of recent corporate buys—accumulating about 679,000 ETH (roughly $2.13 billion) over the last month.
Smart money traders adding bearish exposure
While BitMine is increasing its spot exposure, Nansen’s smart money metrics show the crypto industry’s most profitable traders taking opposing positions. Tracked as the “smart money” cohort, these traders built $2.8 million in new short positions in the past 24 hours, bringing their net short exposure to approximately $21 million on ETH. On-chain intelligence suggests these perpetual futures and derivatives flows are a key driver of near-term downward pressure on Ether’s price.
Smart money traders top perpetual futures positions on Hyperliquid
ETF flows underline weaker demand
Liquidity from spot Ethereum ETFs has also softened. Farside Investors reports that spot ETH ETFs posted $75.2 million in net outflows for a second straight day on Friday, adding to $1.4 billion in monthly outflows in November. These ETF outflows, paired with increased shorting, help explain why some market participants expect short-term ETH depreciation even as large corporate holders continue to accumulate.
Ethereum ETF Flow USD, in million
Overall, BitMine’s purchases underscore a long-term institutional bet on Ethereum’s fundamentals, while smart money shorts and ETF outflows highlight near-term liquidity and sentiment risks that traders and investors should monitor closely.
Source: cointelegraph
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