[Ethereum Treasury Company Purchased Only 370,000 ETH in November, Down Approximately 81% from August Peak of 1.97 Million ETH] According to DL News citing Bitwise data, in November 2025, Ethereum DAT Treasury Company purchased only 370,000 ETH, a sharp drop of approximately 81% compared to the August peak of 1.97 million ETH. Bitwise analysts stated that as funds become more dispersed and premiums compress, this model is rapidly collapsing. The current market exhibits a 'winner-takes-all' structure, with Bitmine holding 3.73 million ETH, surpassing the combined holdings of 68 other treasuries. Although the current monthly purchases still exceed the new supply of 80,000 ETH, the gap in buying pressure is narrowing rapidly.