Ethereum ETF Flat This Month as Inflows Fade; ETH Faces Range-Bound Trading and Bitmine NAV Dilution Risks

Matrixport analysts note that the Ethereum ETF price action has held a flat trajectory for the month, with little directional drift. Looking at historical flows, July and August drew robust institutional inflows, recording net inflows of $5.2 billion and $4.3 billion respectively, while September cooled to $0.3 billion and October to $0.6 billion, signaling restrained follow-on funding.

Overall buying pressure has been concentrated among select buyers, with Bitmine supplying the bulk of recent demand. In a scenario where new institutional capital remains scarce, ETH could continue to trade in a defined range, with the risk of a deeper pullback if momentum wanes.

Bitmine’s NAV sits modestly above the issuance level, opening room for additional share issuance to attract incremental funds. However, this path would dilute existing holders, and sustainability of such funding is uncertain, making near-term developments in ETH liquidity and ETF allocations a crucial market variable.

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