BitMine, the world’s largest corporate Ether holder, has just added another $199 million worth of ETH to its treasury, reinforcing its long-term bullish stance on the network’s native token. The move comes amid a flurry of near-term bearish bets placed by so-called “smart money” traders, who are piling into short positions on Ether futures and options in anticipation of further downward pressure.
BitMine’s Accumulation Strategy
Over the past week, BitMine executed a block purchase of approximately 70,000 ETH, bringing its total holdings to nearly 300,000 ETH. The company leveraged its corporate treasury reserves to acquire the tokens at an average price of roughly $2,800 each. This latest tranche follows earlier acquisitions made when the market briefly dipped below key support levels, demonstrating BitMine’s disciplined “buy the dip” approach.
As a publicly traded miner, BitMine has positioned Ether as a strategic asset alongside its Bitcoin reserves. The firm cites Ethereum’s transition to proof-of-stake, ongoing EIP upgrades, and the booming decentralized finance ecosystem as core drivers of long-term value. Management has repeatedly emphasized that each absorption of volatility creates a lower risk basis for future upside.
Rise of Short Bets from Smart Money
While BitMine doubles down on ETH accumulation, sophisticated traders are ghosting bullish sentiment by dialing up bearish exposure. Data from major derivatives venues reveals that net short open interest on Ether futures climbed by nearly 15% this week, with smart-money desks loading up tens of thousands of contracts betting on a drop below $1,600.
On the options side, the put/call ratio has surged to around 2.1, indicating more than twice as many put options being purchased compared to calls. Market makers report a flurry of inbound orders for deep out-of-the-money puts expiring in the coming month, suggesting a consensus view of continued weakness or sideways trading in the short term.
Market Impact and Outlook
Ether’s price has slipped from recent highs near $1,750 down to the $1,630 range, triggering stop-loss cascades and fueling additional bearish momentum. Yet, BitMine’s large-scale buys have provided intermittent support, preventing a steeper sell-off. Analysts note that as long as corporate accumulators like BitMine continue to step in during retracements, a decisive break below $1,600 could face heavy buying interest.
Looking ahead, the market is eyeing the next major network upgrade, which promises layer-2 scalability enhancements and fee reductions. Should the protocol deliver on its roadmap, many expect Ether to reclaim territory above $2,000 by late summer. For now, the tug-of-war between deep-pocketed accumulators and nimble short sellers will likely dictate headline volatility.
Regardless of the outcome in the coming weeks, BitMine’s commitment to expanding its Ether stack underscores a broader institutional thesis: long-term demand fundamentals remain robust, even as tactical traders seek to profit from choppy market conditions.