BitMine continued its aggressive accumulation strategy this week, purchasing another $199 million worth of Ether even as top performing traders in the crypto market positioned for a short term decline. The latest moves highlight a growing divide between BitMine’s long term strategy and short term market sentiment.
Blockchain analytics platform Lookonchain reported that BitMine bought $68 million in Ether on Saturday followed by a larger $130.7 million acquisition on Friday. With these purchases, BitMine now controls $11.3 billion worth of Ether. That represents around 3.08 percent of the entire ETH supply, placing the company close to its long stated target of holding 5 percent.
The StrategicEthReserve data shows that BitMine has remained one of the most active institutional buyers of Ether in recent months. The company also holds $882 million in cash that may be used for further acquisitions, reinforcing a long term conviction in the asset.
Smart money traders expect downside in Ether price
While BitMine increases its holdings, the industry’s highest performing traders are moving in the opposite direction. Nansen’s “smart money” cohort increased short positions by $2.8 million during the past 24 hours. The group now holds a combined $21 million in ETH shorts.
Their positioning highlights expectations of near term weakness, especially as liquidity from spot Ether exchange traded funds continues to decline. According to Farside Investors, spot ETH ETFs saw $75.2 million in net outflows on Friday, following $1.4 billion in outflows throughout November.
Digital asset treasury activity also slowed sharply. Corporate ETH purchases dropped 81 percent over the past three months, falling from 1.97 million Ether acquired in August to only 370,000 net ETH purchased in November. Despite that downturn, BitMine alone acquired 679,000 Ether worth $2.13 billion during the same period.
BitMine stands out as accumulation widens the market divide
BitMine’s moves suggest confidence in Ether’s multi year trajectory even as many short term traders seek to capitalize on volatility. The company has outpaced all corporate buyers during the past month, capturing the majority of net institutional accumulation.
While short selling from smart money traders reflects caution around immediate price performance, BitMine appears focused on long term value. Its accumulation strategy may continue as long as sufficient reserves remain available.
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