
In October 2025, spot Ether ETFs experienced $1.2 billion in net outflows, marking their worst month of the year after strong inflows in August and September. This decline coincides with Bitmine nearing its self-imposed 5% supply cap, reducing its weekly Ether purchases significantly. Together, these two major demand drivers have slowed simultaneously, creating a supply gap that ongoing adoption flows have yet to fill. The future stability of Ether depends on renewed fund inflows or new large buyers stepping in as Bitmine approaches its purchase limit and ETFs continue to sell.