Matrixport: Ethereum Buy-Side Structure Concentrated, or Significant Pullback Possible
BlockBeats News, November 3rd, Matrixport commented on the market, stating that Ethereum ETF performance remained flat this month. Looking back at historical data, July and August saw strong net inflows of $5.2 billion and $4.3 billion, respectively; September plummeted to $0.3 billion, October only $0.6 billion, with limited follow-up funding. Recent buying pressure has been concentrated, mainly contributed by Bitmine.
If there is a lack of new institutional funds entering, ETH may still maintain its range-bound trading, and there may even be a possibility of a deeper pullback. Bitmine's Net Asset Value (NAV) is slightly above the issuance level, allowing for further share issuance to attract incremental funds, but this would dilute existing holders' equity; its sustainability is questionable.
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