Matrixport released a daily chart analysis saying that the Ethereum ETF performance was flat again, and Bitmine was actually the only institution that continued to buy. After strong inflows of $5.20 billion and $4.30 billion in July and August, respectively, inflows plummeted to only $300 million and $600 million in September and October, and there was little continuation after that.
In the absence of new institutional demand, Ethereum remains vulnerable to further consolidation and may even face a deeper correction. Bitmine's Net Asset Value (NAV) is only slightly above the offering level, meaning the company can still dilute shareholders and access additional funding, but this model appears to be difficult to sustain in the long term. The next upgrade to Ethereum, Fusaka, is scheduled for December 3, 2025.
Matrixport: Spot Ethereum ETF inflows plummet, Bitmine is actually the only continued buyer
2025-11-03 03:59:06
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