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. 

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.”