Despite the industry’s most successful traders betting on Ethereum’s price to fall, Bitmine Immersion Technologies, the world’s largest corporate holder of Ethereum, continues to buy on the bullshit.
According to blockchain data platform Lookonchain, Bitmine has acquired $199 million worth of ether (ETH) in the past two days through purchases of $68 million on Saturday and another $130.7 million on Friday.
According to data from StrategicEthReserve, with the latest investment, BitMine now holds $11.3 billion, representing 3.08% of the total Ether supply and approaching its 5% accumulation goal.
BitMine’s continued accumulation is a strong sign of confidence in Ether’s long-term growth potential. The company also has $882 million in cash, which could be used to accumulate further Ether.
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BitMine’s investment comes amid a significant slowdown in digital asset treasury (DAT) activity, with corporate Ether acquisitions dropping 81% in three months, from 1.97 million Ether in August to 370,000 net ETH acquisitions in November.
Despite the slowdown, BitMine accumulated the largest share over the past month, or 679,000 Ether worth $2.13 billion.
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Smart money traders are betting on a decline in the price of Ether
The crypto industry’s most profitable traders, tracked as “smart money” traders on Nansen’s blockchain intelligence platform, are betting on a short-term decline in the price of Ether.
Smart money traders added $2.8 million in short positions in the past 24 hours, Nansen said, adding that the group was net shorting Ether, bringing the total short position to $21 million.
Ethereum exchange-traded funds (ETFs), a key driver of Ether liquidity, also continue to lack demand.
The Spot Ether ETF recorded net outflows of $75.2 million for the second straight day on Friday, following November’s $1.4 billion in monthly outflows, according to Pharcyde Investors.
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