BlockBeats news, on December 7, according to Cointelegraph, BitMine continues to buy heavily while the market is down, as the best-performing traders in the Ethereum industry generally bet that ETH will decline further. BitMine has accumulated a total purchase of 199 million USD in ETH over the past two days: 68 million USD on Saturday and 130.7 million USD on Friday.
Currently, BitMine holds ETH worth 11.3 billion USD, accounting for 3.08% of the total supply of Ethereum, and is approaching its long-term accumulation target of 5%. The company also holds an additional 882 million USD in cash reserves, which may continue to be used for further ETH investments.
On-chain intelligence platform Nansen tracked that "smart money traders" are increasing their short positions on ETH: in the past 24 hours, an additional 2.8 million USD in short positions were added, bringing the total short position to 21 million USD, overall net short on ETH, betting on a short-term price correction. Meanwhile, the inflow of funds into Ethereum spot ETFs remains weak: there was a net outflow of 75.2 million USD on Friday (the second consecutive day), with total outflows in November reaching 1.4 billion USD.
