**[Matrixport: Concentrated Ethereum Buying Structure May Lead to Significant Pullback]** BlockBeats News, November 3, Matrixport shared its market perspective, stating that the performance of Ethereum ETFs remains lackluster this month. Looking back at historical data, July and August recorded strong net inflows of $5.2 billion and $4.3 billion, respectively; September saw a sharp drop to $300 million, and October only reached $600 million, with limited follow-up capital. Recently, the buying structure has been concentrated, primarily contributed by Bitmine. If new institutional funds fail to enter the market, ETH may continue to consolidate, and a deeper pullback cannot be ruled out. Bitmine's fund net asset value (NAV) is slightly above the issuance level, allowing for continued issuance of shares to absorb incremental funds, but this would dilute the equity of existing holders; its sustainability remains questionable.