Ether ETFs Lose $1.2 Billion in October

Spot Ether ETFs lost $1.2 billion in October, their worst month of the year. At the same time, Bitmine is approaching the 5% cap on the supply it set for itself. The two buyers driving the demand are withdrawing together. Ether demand relied this year on two pillars, spot ETFs and Bitmine Immersion Technologies. The first turned red in October. The second is about to stop, as confirmed by Tom Lee with a hard cap set at 5% of supply . The simultaneity is the important point. The two buyers are not only slowing at the same time; they have represented so far most of the marginal demand. Their combined withdrawal leaves a gap that adoption flows, no matter how numerous, do not mechanically fill. The reversal is clear.

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