**[BitMine Buys $199 Million ETH Amid Market Downturn, Despite "Smart Money" Betting on ETH Decline]** BlockBeats reported on December 7, citing Cointelegraph, that BitMine continues to make significant purchases during the market downturn, while the best-performing traders in the Ethereum industry are generally betting on further ETH price declines. Over the past two days, BitMine has accumulated $199 million worth of ETH: $68 million on Saturday and $130.7 million on Friday. Currently, BitMine holds $11.3 billion worth of ETH, accounting for 3.08% of Ethereum's total supply, nearing 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 has tracked "smart money traders" increasing their short positions on ETH: $2.8 million in new short positions were added in the past 24 hours, bringing the total short positions to $21 million. Overall, traders are net short on ETH, betting on a short-term price correction. Meanwhile, inflows into Ethereum spot ETFs remain weak: Friday saw a net outflow of $75.2 million (the second consecutive day), with total outflows in November reaching $1.4 billion.