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Matrixport: The buying structure of Ethereum is concentrated, and a significant fall may occur.
On November 3rd, Matrixport published a market view stating that the performance of Ethereum ETF remains flat this month. Looking back at historical data, strong net inflows of $5.2 billion and $4.3 billion were recorded in July and August, respectively; this plummeted to $300 million in September, and only $600 million in October, followed by limited follow-up funds. Recently, the buying structure has been concentrated, mainly contributed by Bitmine. If there is a lack of new institutional funds getting on board, ETH may still maintain a consolidation phase, and a deeper pullback cannot be ruled out. The net asset value of Bitmine's fund (NAV) is slightly above the issuance level, and it can continue to issue shares to absorb incremental funds, but this will dilute the rights of existing holders; its sustainability is in doubt.