The Ethereum treasury company only purchased 370,000 ETH, a drop of about 81% from the August peak of 1.97 million

According to DL News citing Bitwise data, the Ethereum DAT treasury company purchased only 370,000 ETH in November 2025, a drop of about 81% from the peak of 1.97 million in August. Bitwise analysts stated that this model is rapidly collapsing due to the dispersion of funds and compression of premiums.

The current market presents a "winner takes all" pattern, with Bitmine holding 3.73 million ETH, exceeding the total holdings of the other 68 treasuries combined. Although the current monthly purchases are still higher than the new supply of 80,000, the gap in buying pressure is quickly narrowing.