#机构比特币持仓策略 BitMine's action of increasing its holdings of $199 million in ETH amidst the market downturn is worth following. From a data perspective, this institution has raised its ETH Holdings to $11.3 billion, nearing the target accumulation scale of 5%, and still holds $882 million in cash reserves. The key point is the pace of the increase—last week the average weekly growth rate was 156%, which has clearly accelerated.

However, there is an interesting split in the funding aspect: while institutions are making large purchases, "smart money" on-chain is accelerating its short positions, with an additional $2.8 million in short orders in the past 24 hours. Spot ETFs are also experiencing continuous outflows (with a net outflow of $75.2 million on Friday), totaling $1.4 billion in outflows for November.

From the completion of the Fusaka upgrade to the Fed's policy shift, catalysts are indeed accumulating. The question is—are the institutional accumulation signals sufficient to hedge against the short-selling expectations of retail/smart money? From the perspective of on-chain capital flow, this is not a consistent buying signal. In the short term, ETH may face more volatility confirmation, and it is necessary to observe whether large buy orders can support the price bottom. The subsequent focus will be on the locking period of this capital and the subsequent actions of institutions.