Ethereum Updates: BitMine Capitalizes on Market Slump to Acquire 2.9% of Ethereum Tokens

On November 12, Bitcoin slipped under $103,000 as a surge of long positions were liquidated on Binance, erasing more than $120 million in leveraged trades within just one hour,

. The rapid selloff, triggered by a chain reaction of forced liquidations from overleveraged traders, highlighted the vulnerability of margin trading in the cryptocurrency sector, especially since the resolution of the U.S. government shutdown failed to ignite significant buying activity.

The majority of these liquidations took place on Binance, where most losses were suffered by long traders.

that liquidations reached $115.98 million in the 24 hours leading up to November 12, with short sellers—those wagering on further price drops—incurring $106.75 million in losses. Long traders, expecting the downward trend to persist, lost $9.22 million when prices unexpectedly bounced back. , an $18.96 million position on Hyperliquid, demonstrated the scale of forced selling.

Across the broader crypto market, total liquidations reached $341.85 million among major assets, with

accounting for $92.01 million in losses . ETH short sellers were hit with $76.02 million in losses, while long traders lost $15.99 million. The selloff coincided with a sharp decline in Bitcoin ETF inflows and a stronger U.S. dollar, which increased volatility by dampening appetite for risk assets .

During the market downturn, institutional investors such as BitMine Technologies took advantage of lower prices. The company acquired 202,037 ETH (worth $828 million at current rates) for its reserves, raising its total holdings to over 3.5 million tokens—representing 2.9% of the circulating supply—and moving closer to its target of owning 5% of Ethereum

. Thomas Lee, chairman of BitMine, to take advantage of "significant undervaluation" during periods of market deleveraging.

Wider economic factors added to the uncertainty.

part of its Nvidia holdings and the looming U.S. government shutdown vote contributed to a risk-averse mood, with over $362 million in liquidations in just four hours as Ethereum fell below $3,400 . Analysts observed that Bitcoin’s drop under $103,000 and Ethereum’s fall beneath its 20-day moving average pointed to short-term bearish , though technical analysis indicated a possible rebound if crucial support levels remain intact .

Despite the turbulence, some market participants increased their bearish positions.

, recognized for his bold short strategies, allocated 30% of his stablecoin assets to leveraged shorts, aiming for Bitcoin to fall below $92,000. His $275,000 short position at 40x leverage will be liquidated if the price rebounds above $6,856, highlighting the high-risk environment of leveraged trading.

Analysts at XWIN Research Japan suggested that the recent selloff might serve as a "reset" for overleveraged positions, potentially setting the stage for a healthier market once leverage levels stabilize

. Nevertheless, with Bitcoin ETF inflows still subdued and macroeconomic challenges ongoing, the recovery outlook remains unclear.