(Getty Images)

Ethereum spot ETFs post highest monthly outflow of $1.4 billion in November, breaking seven-month streak

Meanwhile, ethereum developers are preparing for the activation of Fusaka, the next network upgrade.

12/1/25 12:07PM

Ethereum spot ETFs just saw their highest monthly outflow ever, losing $1.4 billion in November and breaking a seven-month streak of inflows. Cumulative net inflows now stand at more than $12.9 billion, data from SoSoValue shows.

The outflows of the ethereum-focused investment funds were lower than bitcoin spot ETFs, which saw nearly $3.5 billion in monthly outflows. On the other hand, nascent ETFs of other cryptocurrencies, such as solana, dogecoin, XRP, and litecoin, saw positive inflows in November.

After experiencing a relief rally during the Thanksgiving holiday that saw the price of ethereum return to above $3,000, the second-largest cryptocurrency has declined almost 9% in the last 24 hours.

Meanwhile, BitMine Immersion Technologies, the largest ethereum treasury firm, announced acquiring 96,798 tokens last week, bringing its total holdings of ethereum to 3.7 million tokens, per a Monday press release.

Network upgrade coming soon

The developments come as ethereum developers are gearing up the next network upgrade, scheduled for activation on Wednesday. Dubbed “Fusaka,” it aims to improve the experience for both users and developers alike.

Ethereum’s network upgrade marks the second of 2025, with the last one occurring in May.

Fusaka focuses on strengthening ethereum’s core fundamentals rather than price action in the short term, per Sam Klehr, global head of business development at staking provider Chorus One.

“Historically, upgrades that lower costs and improve performance support healthier long-term ecosystem growth: more applications, more activity, and more value settling on the network,” Klehr told Sherwood News. “Those underlying dynamics are what ultimately matter for ethereum’s valuation.”

ETHZilla, one of the largest ethereum treasury firms, with around $262.7 million worth of tokens, says the Fusaka upgrade “strengthens Ethereum’s position as a high-capacity settlement layer capable of supporting compliant, institutional-grade tokenization at scale,” according to John Kristoff, ETHZilla’s senior vice president of investor relations.

“The upcoming Ethereum Fusaka upgrade represents a meaningful step forward for real-world asset tokenization,” Kristoff told Sherwood in an email. “Fusaka enables Layer-2 networks to process significantly more transaction data at lower cost while maintaining Ethereum’s security layer. This enhanced throughput and efficiency translates directly into more scalable, reliable, and economically viable infrastructure for tokenized assets.”

Sage D. Young14h

Solana treasury company dumps more than 12% of its entire stash

On Monday, SOL Strategies, a solana treasury firm, reported the sale of 65,001 tokens to settle more than $4.1 million of debt.

The sale reduced the company’s total holdings of solana by nearly 12.5% from 521,174 tokens to 456,173 tokens, worth roughly $29 million as of writing.

The sale “reflects a decision to reduce debt and further clean up our balance sheet to assist us to fully focus on the operating businesses,” SOL Strategies CEO Michael Hubbard said in a statement.

The news comes one week after the firm announced closing the acquisition of HoudiniSwap, a privacy-based decentralized exchange aggregator, for $18 million.

Shares of SOL Strategies have dropped over 6% today as the underlying cryptocurrency at the center of the firm’s treasury strategy has decreased 5% in the last 24 hours, and 16.8% in the past seven days. The token is down 78% from its all-time high of $293.31 in January 2025.

Meanwhile, solana ETFs have seen $5.5 million in outflows in June, on track to record their first monthly outflow since their inception last year, data from SoSoValue shows.

Yaël Bizouati-Kennedy

16h

Is the AI trade, Strategy, or macro factors to blame for bitcoin woes?

Michael Saylor says don’t blame Strategy after Jim Cramer said he “murdered bitcoin.”

Sage D. Young6/8/26

BitMine buys the dip, makes largest ethereum purchase this year

Despite having an unrealized loss of nearly $9.7 billion, the leading ethereum treasury firm has acquired even more of the token.

BitMine Immersion Technologies announced it has acquired 126,971 tokens over the past week, the firm’s largest purchase of ethereum this year. The company’s total stockpile stands at 5.5 million, or around 4.6% of ethereum’s total supply.

“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” BitMine Chairman Tom Lee said in a statement.

The acquisition comes after the crypto markets saw a broad downturn last week, with many tokens hitting multiyear lows.

Lee argued the sell-off in crypto was a “superficial take.” As artificial intelligence grows more capable, demand for hardened infrastructure is likely to increase alongside expectations that AI systems will expose flaws in centralized rails and weak decentralized protocols, according to Lee.

“We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like ethereum,” Lee said. “Thus, we believe ETH prices should not be coming under pressure.”

Meanwhile, last week ethereum ETFs saw more than $173 million in outflows, marking the fourth consecutive week of net redemptions, data from SoSoValue shows.

Joe Lubin, cofounder of ethereum and current CEO of software development firm Consensys, said the recent moves by the Ethereum Foundation, namely staff turnover and leadership changes, are not evidence of a crisis, but a necessary evolution, per a CoinDesk report. Lubin emphasized that “Ethereum is not on the decline, not at all,” even if “we are not front and center right now in terms of capital inflows, investments.”

Yaël Bizouati-Kennedy

6/8/26

Strategy makes big bitcoin buy after period that ranked “among the worst weeks of the decade”

The digital asset stockpiler reversed course from its small sale and purchased $101 million worth of bitcoin.