BitMine Immersion Technologies, the largest corporate Ether holder, acquired $199 million worth of ETH in two days. The company now holds $11.3 billion of Ether, or 3.08% of the total supply, nearing its 5% target. BitMine’s continued investments signal confidence in Ether’s long-term growth potential, with $882 million in cash reserves for more accumulation.

Despite a slowdown in digital asset treasury (DAT) activity, BitMine accumulated 679,000 Ether worth $2.13 billion in the past month, outpacing others. Smart money traders are betting on Ether’s short-term price decline, with $2.8 million in added short positions and a cumulative short position of $21 million.

Ethereum exchange-traded funds (ETFs) lack demand, with spot Ether ETFs recording $75.2 million in net positive outflows for the second consecutive day. This follows $1.4 billion in monthly outflows in November. Smart money traders on Nansen’s platform are net short on Ether, adding to short positions.

Read more at Cointelegraph: Bitmine Buys $199M ETH as Smart Money Traders Short ETH