According to Matrixport's daily chart analysis, Ethereum ETFs have once again underperformed, with Bitmine being the only institution consistently buying. Following strong inflows of $5.2 billion and $4.3 billion in July and August respectively, inflows plummeted to just $300 million and $600 million in September and October, with little follow-through. Without new institutional demand, Ethereum remains vulnerable to further consolidation and could even face a deeper correction. Bitmine's net asset value (NAV) is only slightly above its issuance level, meaning the company can still dilute shareholders and raise additional funds, but this model appears unsustainable in the long term. Ethereum's next upgrade, Fusaka, is scheduled for December 3, 2025.