Matrixport: The Spot Ethereum ETF faces another month of lackluster performance, with Bitmine being the only consistent buyer.

Golden Finance reports that Matrixport's daily chart analysis states that the Ethereum ETF has once again shown a lackluster performance, with Bitmine being the only institution that has consistently bought in. Following strong inflows of $5.2 billion and $4.3 billion in July and August respectively, inflows plummeted to only $300 million and $600 million in September and October, with almost no continuation thereafter. If there is a lack of new institutional demand, Ethereum is still susceptible to further consolidation and may even face a deeper correction. Bitmine's net asset value (NAV) is just slightly above the issuance level, which means the company can still dilute shareholders and raise additional funds, but this model seems difficult to maintain in the long term. Ethereum's next upgrade, Fusaka, is scheduled for December 3, 2025.