BitMine Immersion Technologies, the world’s largest corporate holder of Ether, continued buying the dip even as top traders bet on a near-term ETH pullback.
Blockchain tracker Lookonchain shows BitMine bought roughly $199 million of Ether over the past two days — $130.7 million on Friday and $68 million on Saturday. After those purchases, BitMine holds about $11.3 billion in ETH, roughly 3.08% of the circulating supply, moving toward a 5% accumulation target cited by StrategicEthReserve. The company also retains about $882 million in cash reserves that could fund further purchases.
The buys stand out amid a wider slowdown in digital asset treasury activity. Corporate Ether acquisitions fell about 81% from August to November, dropping from 1.97 million ETH to roughly 370,000 net ETH. Despite that slump, BitMine accounted for the lion’s share of recent corporate accumulation, adding some 679,000 ETH (about $2.13 billion) in the past month.
At the same time, “smart money” traders tracked by Nansen — the cohort of highest-return traders — have been positioning for Ether weakness. Nansen data shows the group was net short ETH, holding a cumulative short around $21 million, and added roughly $2.8 million more in short positions over the most recent 24-hour period.
Liquidity from spot Ethereum ETFs has also weakened. Farside Investors reports spot ETH ETFs saw $75.2 million in net outflows for a second straight day on Friday, following roughly $1.4 billion in outflows during November.
Together, BitMine’s continued accumulation and the positioning of sophisticated traders and ETF flows illustrate divergent bets on Ether: a long-term, large-scale corporate buy-the-dip strategy versus short-term bearish bets by top traders and persistent ETF redemptions.
