The most successful traders are betting on a fall in the Ethereum price, but BitMine, for some reason, continues to buy ETH.
From December 5th to 6th, the company purchased $199 million worth of cryptocurrency, increasing its ETH holdings to 3,73 million, worth $11,35 billion at the current exchange rate. The company owns 3,08% of the issued coins, ranking first among organizations in this category.
However, successful traders, known as “smart money,” do not share the optimism of BitMine CEO Tom Lee and, on the contrary, prefer to short. эфириумAccording to Nansen, successful cryptocurrency traders opened long positions in the ETH futures market worth $47,27 million and short positions worth $68,44 million.
Smart money activity
Hyperliquid (HYPE) tokens, issued by the exchange of the same name, were the only one of the 10 assets listed in the table to boast an overweight long position. This fact points to the negative sentiment of traders, who are wisely betting on a decline in the coin’s price during the bearish trend that has dominated the market. Even the Bitcoin price correction did not shake traders’ confidence in the continuation of the downward trend, leading to short positions on BTC totaling $298,59 million.
This makes it seem like BitMine employees are wasting their time buying digital assets. They should have waited for the bear market to end and invested in Ethereum when its price bottomed out.