Centralized Ethereum Treasury Control, Massive Purchases in November Lose Momentum

The ETH accumulation landscape has undergone dramatic changes. Data from Bitwise analyzed by DL News reveals a concerning trend: corporate treasury purchases of Ethereum plummeted sharply to just 370,000 ETH in the last month—a free fall of 81% from the peak of 1.97 million ETH in August 2025.

Centralized Accumulation Model Disintegrating

Bitwise analysts indicate that the previously aggressive treasury buying strategy is now experiencing a severe slowdown. The reasons are clear: investor capital is being dispersed across various instruments, and the pressure on ETH’s premium valuation is diminishing. The result? The market now exhibits a “winner takes all” dynamic—ownership concentration reaching extreme levels.

Bitmine Dominance in the Treasury Ecosystem

The most influential entity is Bitmine, which controls a colossal portfolio worth 3.73 million ETH. This figure surpasses the combined total of 68 other treasuries. This skewed ownership structure reflects the shrinking space for mid-tier players in the ETH accumulation competition.

Purchases Still Positive, But Margins Continue to Shrink

Nevertheless, the momentum of monthly treasury purchases still outpaces the supply of fresh new ETH (80,000 ETH), but the gap continues to narrow. This scenario indicates that the era of massive buying is coming to an end, replaced by a more measured consolidation phase focused on major players within the Ethereum ecosystem.