BitMine Immersion Technologies, currently the largest corporate Ether holder globally, is actively purchasing during the dip, even as top traders in the industry anticipate a decline in Ethereum’s price.
Recently, BitMine acquired $199 million in Ether (ETH) over the last two days, comprising a $68 million acquisition on Saturday and a subsequent $130.7 million purchase on Friday, according to data from blockchain platform Lookonchain.
With these latest purchases, BitMine now owns $11.3 billion, or 3.08%, of the overall Ether supply, nearing its 5% target as reported by StrategicEthReserve.
BitMine’s ongoing acquisitions reflect strong confidence in Ether’s potential for long-term growth. The firm also retains an additional $882 million in cash reserves that may facilitate further Ether acquisitions.
Related: Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH
BitMine’s investment occurs in the wake of a notable decline in digital asset treasury (DAT) activities, showing corporate Ether purchases plummeting by 81% over three months—from 1.97 million Ether in August to just 370,000 in net ETH acquired by November.
Notably, despite this downturn, BitMine secured the majority, amassing 679,000 Ether worth $2.13 billion in the past month.
Related: Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee
Smart money traders are betting on Ether’s price decline
Top-performing traders in the crypto sector, tracked as “smart money” traders on Nansen’s blockchain platform, are positioning themselves for a short-term decline in Ether’s price.
Recently, smart money traders increased their short positions by $2.8 million within the last 24 hours, bringing their total net short position on Ether to $21 million, according to Nansen.
Moreover, Ethereum exchange-traded funds (ETFs), a crucial factor for Ether liquidity, are still experiencing low demand.
On Friday, spot Ether ETFs reported $75.2 million in net outflows for the second day in a row, following a total of $1.4 billion in outflows throughout November, according to Farside Investors.
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