According to the latest monitoring data from the blockchain analysis platform Lookonchain, large investment institution BitMine has increased its Ethereum (ETH) open interest within the last hour. This increase amounted to 28,650 ETH, equivalent to approximately 130 million USD at the current market price. After this increase, BitMine's current ETH holdings have soared to an astonishing 1.174 million, with a total market capitalization close to 5.26 billion USD.

However, despite such a large-scale buying behavior, the price performance of Ethereum has failed to rise accordingly and has instead continued to show a downward trend. This price movement stands in stark contrast to the continuous accumulation by large holders, sparking numerous speculations and discussions among market participants.

Analysts have pointed out that there is a clear disconnect between the long-term positioning of institutional investors and short-term market sentiment. They believe that large investment institutions like BitMine may be strategically increasing their holdings based on confidence in the long-term development of Ethereum, rather than pursuing profits from short-term price fluctuations.

On the other hand, there are also views that the current cryptocurrency market may be facing broader macroeconomic pressures, making it difficult for large inflows of capital to immediately drive up prices. This phenomenon also reflects the complexity and uncertainty of the cryptocurrency market.

Regardless, BitMine's continuous accumulation behavior undoubtedly injects a shot of confidence into the market, demonstrating institutional investors' confidence in the future development prospects of Ethereum. However, at the same time, the market's actual response reminds investors to remain cautious and closely monitor various influencing factors, rather than relying solely on a single indicator to judge market trends.