ChainCatcher News, Matrixport released a market view stating that Ethereum ETF performance remains lackluster this month. Looking back at historical data, July and August recorded strong net inflows of $5.2 billion and $4.3 billion respectively; in September, it plummeted to $300 million, and in October, only $600 million, with limited follow-up capital.
Recently, the buying structure has been concentrated, mainly contributed by Bitmine. Without new institutional capital entering the market, ETH may continue to consolidate, and a deeper correction cannot be ruled out. Bitmine's fund net asset value (NAV) is slightly above the issuance level, allowing for continued issuance of shares to absorb incremental funds, but this will dilute the equity of existing holders; its sustainability is questionable.