BitMine bucked the trend by buying another $199 million worth of ETH, despite "smart money" betting on a decline in ETH prices.

According to a report by Cointelegraph on December 7th, as reported by Mars Finance, BitMine continued its aggressive buying during the market downturn, with top-performing traders in the Ethereum industry generally betting on further ETH declines. BitMine purchased a total of $199 million worth of ETH in the past two days: $68 million on Saturday and $130.7 million on Friday. Currently, BitMine holds $11.3 billion worth of ETH, representing 3.08% of the total Ethereum supply, approaching its long-term accumulation target of 5%. The company also holds an additional $882 million in cash reserves, which may be used for further ETH investments. On-chain intelligence platform Nansen tracked "smart money traders" increasing short on ETH: $2.8 million in new short positions were added in the past 24 hours, bringing the total short position to $21 million, indicating a net short short in ETH, betting on a short-term price correction. Meanwhile, inflows into the Ethereum spot ETF remained weak: a net outflow of $75.2 million occurred on Friday (for the second consecutive day), bringing the total outflow for November to a staggering $1.4 billion.