Ethereum treasury companies purchased only 370,000 ETH, a sharp drop of about 81% compared to the August peak of 1.97 million ETH.

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According to ChainCatcher, citing DL News and Bitwise data, in November 2025, Ethereum DAT treasury companies purchased only 370,000 ETH, a sharp drop of about 81% compared to the August peak of 1.97 million ETH. Bitwise analysts stated that as funds become more dispersed and premiums shrink, this model is rapidly collapsing. The current market is showing a “winner-takes-all” pattern, with Bitmine exclusively holding 3.73 million ETH, more than the combined holdings of the other 68 treasuries. Although current monthly purchases are still higher than the new supply of 80,000 ETH, the gap between buying and supply is rapidly narrowing.

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