BitMine Acquires $199M in ETH Over Two Days as Smart Money Adds $2.8M Short Positions

BitMine purchased $199 million worth of ETH across two days, buying $68 million on Saturday and $130.7 million on Friday, Cointelegraph reports. The company now holds $11.3 billion in ETH, representing 3.08% of Ethereum's total supply and approaching its long-term accumulation target of 5%, with $882 million in cash reserves. Smart money traders tracked by on-chain intelligence platform Nansen increased ETH short positions by $2.8 million in the past 24 hours, bringing total short exposure to $21 million and maintaining a net short position. Ethereum spot ETFs recorded $75.2 million in net outflows on Friday, the second consecutive day of withdrawals, with November totaling $1.4 billion in outflows.