BitMine Adds $199M in ETH as Smart Money Shorts Ethereum
BitMine Immersion Technologies, the largest corporate Ether holder, continued to add to its Ether position, purchasing $199 million worth of Ether (ETH) over the past two days, according to blockchain analytics firm Lookonchain.
Lookonchain data shows the company bought $130.7 million in ETH on Friday and a further $68 million on Saturday.
Following these transactions, BitMine holds $11.3 billion of ETH, representing 3.08% of the total Ether supply, as it approaches its 5% accumulation target, according to the StrategicEthReserve. The company also retains $882 million in cash reserves that could support additional purchases.
Largest corporate Ether holders. Source: Strategicethreserve.xyz
The purchases come amid a broad slowdown in digital asset treasury (DAT) activity. Corporate ETH acquisitions declined 81% over three months, from 1.97 million ETH in August to 370,000 in net ETH acquired in November.
Despite the slowdown, BitMine accumulated 679,000 ETH worth $2.13 billion in the past month.
“Smart money” positions point to near-term ETH downside
Top-performing traders tracked as “smart money” on Nansen’s platform increased bearish bets on Ether over the last 24 hours, adding $2.8 million in short positions. The group was net short ETH with a cumulative short exposure of $21 million, according to Nansen.
Smart money traders top perpetual futures positions on Hyperliquid. Source: Nansen
Spot Ethereum exchange-traded funds also showed weak demand. The products recorded $75.2 million in net outflows on Friday, marking a second consecutive day of outflows, after $1.4 billion in net outflows in November, according to Farside Investors.
Ethereum ETF Flow USD, in million. Source: Farside Investors
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