📉 NOVEMBER SHOCK: THE "ETHEREUM TREASURY" DREAM SHATTERED? 📉

Back in July, the whole crypto market celebrated when the "rich guys" and major companies started following Bitcoin's strategy: Hoarding Ethereum (ETH) in their treasuries. Everyone hoped this would be an "altseason" 2.0—a massive push that would send ETH’s price skyrocketing. 🚀

But life isn’t a fairytale, and every party must come to an end...

💥 HARSH REALITY: AN 81% DROP 💥

- The latest data from Bitwise is like a bucket of cold water for those still dreaming:

👉 The amount of ETH purchased by these "treasuries" in November fell to just 370,000 ETH.

👉 That number has "evaporated" by as much as 81% compared to its peak of 1.97 million ETH back in August.

- Max Shannon, an analyst at Bitwise, calls this a sign that the "party" is coming to an end, just like previous altcoin cycles.

🌀 WHEN THE SMALL "PLAYERS" FALL INTO A "DEATH SPIRAL" 🌀

- Big fish eat small fish: A "giant" named Bitmine is dominating the game. They alone hold more ETH than the other 68 companies combined (worth nearly $13 billion!).

- Small fish struggling: Smaller companies can’t raise capital -> can’t buy more ETH -> can’t attract investors -> their value declines -> they fall into a "death spiral" and face bankruptcy risk.

In other words, a "winner takes all" scenario is clearer than ever.

🗣️ "THE EXODUS HAS BEGUN"

- That’s the warning from experts. Although current purchases are still outpacing the amount of new ETH created each month, that gap is narrowing at a rapid pace. If buying continues to drop, the price support for ETH could disappear.

- Is this the end of the "Ethereum treasury" trend, or just a temporary stumble to cleanse the market?

What do you think about this "U-turn"? Drop your thoughts in the comments! 👇
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