The world’s largest corporate Ether holder adds $199 million in new purchases while top traders increase short positions and ETF flows turn negative
BitMine Immersion Technologies has expanded its lead as the largest corporate Ether holder, moving aggressively to buy the dip even as the sector’s most consistent high-performing traders lean bearish. The company acquired a combined $199 million in Ether over two days, reinforcing its long-term accumulation strategy despite mounting short-term pressure on ETH markets.
Blockchain data indicates BitMine made two major purchases: $68 million on Saturday and $130.7 million on Friday. These transactions lift its total holdings to $11.3 billion in Ether, representing 3.08% of the total supply. BitMine’s stated goal is to reach 5% ownership, and its $882 million in remaining cash reserves positions it to continue accumulating.
The firm’s aggressive buying stands out amid a sharp slowdown in digital asset treasury activity. Corporate Ether acquisitions dropped 81% from August to November, falling from 1.97 million ETH to 370,000 ETH. Yet BitMine moved counter to the trend, adding 679,000 ETH worth $2.13 billion in the past month alone.
While BitMine strengthens its position, leading “smart money” traders tracked by Nansen are preparing for near-term weakness. Over the past 24 hours, top traders added $2.8 million in ETH shorts, bringing cumulative short positions to $21 million. The divergence highlights a widening gap between long-term conviction buyers and tactical short-term traders.
Market signals continue to skew bearish as Ether-focused exchange-traded funds experience sustained outflows. Spot ETH ETFs recorded $75.2 million in net outflows on Friday, extending November’s $1.4 billion withdrawal streak. The lack of ETF demand reinforces the mixed sentiment surrounding Ethereum’s short-term market trajectory.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.