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

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