BitMine's current Ethereum holdings have reached 3.86 million coins, continuing to build up against the trend. In the context of frequent market risk signals, the actions of this institution have sparked two interpretations: is it a firm accumulation based on long-term conviction, or a contrarian position during extreme market sentiment? From on-chain data, large address holdings often reflect market participants' true expectations for future trends. BitMine's continuous accumulation strategy is worth noting—whether it is bottom-fishing during risk mitigation periods or positioning for mid-term prospects, it demonstrates the stance of large funds amid market disagreements. Such holding movements provide some reference for understanding institutional strategy shifts.