BitMine buys $199M in Ether as smart money traders bet on ETH decline

BitMine Immersion Technologies, the world's largest corporate Ether holder, purchased $199 million worth of Ether over two days, bringing its total holdings to $11.3 billion, or 3.08% of the total supply, as it moves toward a 5% accumulation target. This sustained buying conviction from BitMine contrasts sharply with the broader market trend, as corporate Ether acquisitions have significantly slowed, and the industry's most profitable traders, tracked as 'smart money,' are actively betting on a short-term price drop by holding substantial net short positions. Furthermore, demand for Ethereum ETFs remains weak, recording net positive outflows for the second straight day.

(Source：Cointelegraph)