Spot Ether ETFs lost $1.2 billion in October, their worst month of the year. At the same time, Bitmine is approaching its 5% supply cap. The two buyers who submitted the request withdraw together.
In brief
- Ether ETFs show $1.2 billion in net outflows in October, following 1.85 billion inflows in August and $832 million in September.
- Bitmine, which has been buying weekly since June 2025, is about 63,500 ETH away from its 5% supply cap and is expected to reach it by the end of November.
- The network issues around 20,000 ETH per week, and the question is who will absorb them when both engines slow down.
ETF Ether and Bitmine, the two drivers of demand are stalling
Demand for ether has been supported this year by two pillars, spot ETFs and Bitmine Immersion Technologies. The first turned red in October. The second is about to end, as Tom Lee confirmed by setting a hard cap at 5% of supply.
Simultaneity is the important point. Both buyers are not only slowing at the same time, they have accounted for most of the marginal demand so far. Their combined withdrawal leaves a void that adoption flows, however numerous they may be, do not mechanically fill.
From massive inflows to net outflows
The reversal is clear. The funds attracted $1.85 billion in August, then $832 million in September. October shows 1.2 billion net exits, at an average rate of around 357 million per week. Investors sold all but two trading days through October 22.
The weight of funds remains considerable. They hold approximately 6.2 million ETH, for combined net assets of $14.6 billion, comparable to Bitmine’s reserves. Two portfolios of this size that decline at the same time weigh on the order book much more than their flows alone.
The month of September was not, however, an isolated accident. The October releases continue a movement started earlier, and our October 11 article already noted the worst week of the year for the segment.
Who will absorb the offer
Arithmetic asks the following question. Ethereum issues around 20,000 ETH per week, and Bitmine was absorbing a significant portion of that. Over the past two weeks, the company has purchased only about 12,500, compared to more than 100,000 per week on four separate occasions in April and May.
The slowdown is therefore already underway, even before the ceiling. Bitmine has been buying every week since June 30, 2025, without interruptionand the final rhythm no longer has anything to do with the beginning of the campaign. The company documents its weekly purchases on its site.
Two nuances prevent us from concluding too quickly. The issuance of Ethereum is not fixed, since a destruction mechanism adjusts the supply to the actual demand of the network. And adoption flows continue, as illustrated by JPMorgan bringing its deposit token to Ethereum this week.
The basic question remains. No other corporate treasurer has comparable capacity today, and ETFs, which carried demand for two months, are selling off. For ether to hold up until the end of the year, fund flows will need to return to green, or a new buyer will need to take over.
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