Matrixport: Spot Ethereum ETF inflows have sharply decreased, Bitmine is actually the only consistent buyer

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