Ether ETFs Are Having Their Worst Month of 2026. Who Buys Once Bitmine Stops?

Ether’s (ETH) demand this year has largely come from two places: spot exchange-traded funds (ETFs) and Bitmine Immersion Technologies (BMNR), the company building an ether treasury. In October, both are pulling back at once. No month this year has seen spot ether ETFs lose as much as October , with $1.2 billion in net outflows so far. Investors pulled money on all but two trading days through Oct. 2 2 . Bitmine, meanwhile, is about 6 6,000 ETH short of its goal of owning 5% of all ether , by our count from its latest holdings update . At the company’s current pace, it hits its target late next month. Ether bulls often parse their outlooks through adoption headlines, like JPMorgan bringing its deposit token to Ethereum this week.

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