BitMine Adds $199M in Ether as Traders Bet on Pullback

BitMine Immersion Technologies, the largest corporate holder of Ether, continued accumulating during a recent price dip even as top traders positioned for a near-term decline. Blockchain tracker Lookonchain reports BitMine spent about $199 million on ETH over two days — roughly $130.7 million on Friday and $68 million on Saturday. After those buys, the firm holds about $11.3 billion in ETH, roughly 3.08% of the circulating supply, and is moving toward a 5% accumulation goal noted by StrategicEthReserve. BitMine also has about $882 million in cash reserves that could fund further purchases.

The company’s activity stands out against a broader slowdown in corporate crypto treasuries. Corporate Ether acquisitions fell about 81% from August to November, dropping from roughly 1.97 million ETH to about 370,000 net ETH. Even so, BitMine accounted for much of recent corporate buying, adding roughly 679,000 ETH (around $2.13 billion) over the past month.

At the same time, so-called smart-money traders tracked by analytics firm Nansen have been skewing bearish. Nansen shows the highest-return cohort of traders was net short ETH, holding about $21 million in cumulative short positions and increasing shorts by roughly $2.8 million in the most recent 24-hour window.

Liquidity into spot Ethereum ETFs has also weakened. Farside Investors reports spot ETH ETFs posted $75.2 million in net outflows for a second consecutive day on Friday, following approximately $1.4 billion in outflows across November.

Taken together, these developments illustrate divergent market views on Ether: BitMine is pursuing a large-scale, buy-the-dip accumulation strategy with a multi-billion-dollar wallet and ready cash, while top traders and ETF flows have signaled short-term caution and persistent redemptions.