Spot Ether ETFs Lose $1.2 Billion in October as Bitmine Buying Decelerates

U.S. spot Ether exchange-traded funds recorded $1.2 billion in net outflows in October through Oct. 22, marking their worst monthly performance of the year. The withdrawals averaged approximately $357 million per week and followed net inflows of $1.85 billion in August and $832 million in September. The ETF outflows coincide with a sharp slowdown in purchases by Bitmine Immersion Technologies, which reduced its buying to about 12,500 ETH per week as it approaches its 5% circulating supply ceiling. Together, the retreating marginal buyers have left Ethereum facing supply overhang pressures against weekly network issuance of roughly 20,000 ETH.