Ether ETF Outflows Hit $1.2B in October as Bitmine Nears Cap

Ether ETF outflows are running about twelve times faster than the one big buyer is buying. U.S. spot Ether ETFs lost $1.2 billion in October through the 22nd, the biggest monthly outflow of 2026 so far. Meanwhile Bitmine, the largest corporate holder, is close to its self-imposed ceiling. Here is how the numbers line up.

How big are the Ether ETF outflows?

According to TokenPost, net outflows hit $1.2 billion through October 22. Funds lost money on all but two trading days. That works out to about $357 million a week. For comparison, the funds took in $1.85 billion in August and $832 million in September. The week of October 19 alone saw $225 million leave, per 24/7 Wall St.

Where Bitmine stands

Bitmine held about 6.05 million ETH on October 25, or 4.95% of the 122.2 million in circulation. It bought 10,452 ETH that week, worth roughly $24 million. Chair Tom Lee has called 5% “a hard cap” and said “We’re not gonna be accumulating past 5%.”

Bitmine needs 58,067 more ETH to get there. At today’s price of about $2,262, that is roughly $131 million. At its recent pace of about 12,500 ETH a week, that is under six weeks of buying. TokenPost expects it to reach 5% in late November, though supply growth moves the target. Ether supply grows about 87,000 ETH a month.

Why the gap matters

Bitmine bought roughly $30 million of ETH a week lately. The funds sold about $357 million a week. The ratio is about 12 to 1. In April and May, by contrast, Bitmine bought more than 100,000 ETH in a single week, four times. The biggest buyer has slowed sharply, and it has said it will stop.

Price tells the same story. 24/7 Wall St. had ETH at $2,307 on October 26, down 13.2% for the month. It trades near $2,262 as we write this on November 1. We do not read that as a collapse. It is a market that has lost its steadiest bid and is waiting for another.

What we are not saying

Flows are not a forecast. Outflows can reverse in a week. Bitmine could also change its cap, since it is a company policy and not a rule. And the ETF figures vary a little by tracker, so treat the totals as close, not exact.

What we would watch

We would watch three things. First, whether weekly ETF flows turn positive. Second, whether Bitmine reaches 5% on schedule. Third, whether anyone else steps in with real size. Our own Ethereum price prediction updates every day with ranges, and the Bitcoin price prediction shows how the biggest coin is doing.

If you mine for a living, a weak market squeezes margins on every coin. Run your own break-even with our mining economics guides.

-Nick
ING Mining

This is general information, not financial advice. Crypto is volatile, and you can lose money. Please do your own research.