Ether funds see October outflows as Bitmine approaches its 5% supply limit
Spot Ether ETFs recorded $1.2 billion in net withdrawals in October, their weakest month this year, following inflows in August and September. Bitmine is close to its self-imposed cap of 5% of Ether supply, with roughly 63,500 ETH remaining before it is expected to reach that limit in late November. The two main sources of demand are therefore pulling back at the same time, raising questions about who will absorb new Ether issuance.
Spot Ether funds swung from $1.85B of August inflows and $832M in September to $1.2B of net withdrawals in October, averaging about $357M weekly. Through Oct. 22, redemptions occurred on all but two trading days. These funds hold roughly 6.2M ETH, with $14.6B in combined net assets, a scale comparable to Bitmine’s reserves.
Bitmine has purchased weekly since June 30, 2025, but recent buying slowed to about 12,500 ETH over two weeks, far below the more than 100,000 ETH weekly seen four times in April and May. It is roughly 63,500 ETH from its 5% cap, expected in late November, while Ethereum issues about 20,000 ETH weekly; burn mechanics adjust supply.
If both demand engines keep retreating, Ether’s price could face added pressure, affecting ETF investors, crypto traders, and firms holding ETH treasuries. A weaker market may reduce confidence among retail participants and smaller institutions, while lower network activity could affect fee burn and issuance dynamics. However, continued adoption such as tokenized deposits may offset some effects; the outcome remains uncertain and may not extend beyond financial-market participants.