Matrixport: Ethereum ETF inflows slow down, Bitmine becomes the main source of recent buying

Matrixport released an analysis today indicating that the inflow of funds into Ethereum ETFs has significantly slowed down recently, dropping from a strong net inflow of $5.2 billion and $4.3 billion recorded in July and August, to just $300 million in September and only $600 million in October.

The latest data shows that recent buying activity is concentrated, primarily contributed by Bitmine. Analysts point out that if there is a lack of new institutional funds entering the market, the price of ETH may continue to remain in a consolidation phase, and a deeper correction cannot be ruled out. It is worth noting that the net asset value of the Bitmine fund is slightly above the issuance level; although it can continue to issue shares to absorb incremental funds, this will dilute the rights of existing holders, raising questions about its sustainability. The next Ethereum upgrade, Fusaka, is scheduled for December 3, 2025.