According to DL News, citing Bitwise data, the Ethereum DAT treasury company bought only 370,000 ETH in November 2025, a drop of about 81% from the peak 1.97 million in August. Bitwise analysts said that with the dispersion of funds and the compression of premiums, the model is rapidly disintegrating.
The current market is in a "winner-take-all" pattern, with Bitmine monopolizing 3.73 million ETH and holding more than the other 68 vaults combined. Although the current month's purchases are still higher than the new supply of 80,000, the buying gap is rapidly narrowing.
The Ethereum treasury company only bought 370,000 ETH, which plunged about 81% from the peak 1.97 million in August.
2025-12-04 02:03:01
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