BitMine Immersion Technologies, the worldโs largest corporate Ether holder, continues buying the dip, despite the industryโs most successful traders betting on Ethereum’s price fall.
BitMine acquired $199 million worth of Ether (ETH) during the past two days, through a $68 million ETHย acquisition on Saturday and another $130.7 million buy on Friday, according to blockchain data platform Lookonchain.
With the latest investments, BitMine now holds $11.3 billion, or 3.08%, of the total Ether supply, closing in on its 5% accumulation target, according to data from the StrategicEthReserve.
BitMineโs continued accumulations are a strong sign of conviction in Ether’s long-term growth potential. The company holds an additional $882 million in cash reserves, which may be used for more Ether accumulation.
Related: Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH
BitMineโs investment comes amid a significant slowdown in digital asset treasury (DAT) activity, which saw corporate Ether acquisitions fall 81% in three months, from 1.97 million Ether in August to 370,000 in net ETH acquired in November.
Despite the slowdown, BitMine accumulated the lionโs share, or 679,000 Ether worth $2.13 billion during the past month.
Related: Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee
Smart money traders are betting on Etherโs price decline
The crypto industryโs best-performing traders by returns, who are tracked as โsmart moneyโ traders on Nansenโs blockchain intelligence platform, are betting on the short-term depreciation of Etherโs price.
Smart money traders added $2.8 million in short positions over the past 24 hours, as the cohort was net short on Ether, with a cumulative short position of $21 million, according to Nansen.
Ethereum exchange-traded funds (ETFs), a significant driver of liquidity for Ether, also continue to lack demand.ย
The spot Ether ETFs recorded $75.2 million in net positive outflows for the second consecutive day on Friday, following the $1.4 billion in monthly outflows in November, according to Farside Investors.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling โ Joseph Chalom
