**[Matrixport: Spot Ethereum ETF Faces Another Month of Tepid Performance, Bitmine Remains the Sole Consistent Buyer]** According to a report by Jinse Finance, Matrixport released its daily chart analysis indicating that the Ethereum ETF has once again shown lackluster performance, 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 in September and October plummeted to just $300 million and $600 million, with little continuation thereafter. In the absence of new institutional demand, Ethereum remains vulnerable to further consolidation and may even face a deeper correction. Bitmine's net asset value (NAV) is only slightly above its issuance level, suggesting the company can still dilute shareholders to raise additional funds, though this model appears increasingly unsustainable in the long term. Ethereum's next upgrade, Fusaka, is scheduled for December 3, 2025.