Ether ETFs Are Having Their Worst Month of 2026. Who Buys Once Bitmine Stops?

Spot ether ETFs have lost $1.2 billion in October and Bitmine is weeks from its 5% cap, leaving ETF flows to decide who absorbs ether’s new supply into year-end. Ether’s (ETH) demand this year has largely come from two places: spot exchange-traded funds (ETFs) and Bitmine Immersion Technologies (BMNR), the company building an ether treasury. In October, both are pulling back at once. No month this year has seen spot ether ETFs lose as much as October , with $1.2 billion in net outflows so far. Investors pulled money on all but two trading days through Oct. 2 2 .