In November, Ethereum treasury companies purchased only 370,000 ETH, a sharp drop of about 81% from the August peak of 1.97 million ETH. According to DL News citing Bitwise data, in November 2025, Ethereum DAT treasury companies purchased only 370,000 ETH, a sharp decline of about 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 shows a 'winner-takes-all' trend, with Bitmine holding 3.73 million ETH, more than the combined holdings of the other 68 treasuries. Although the current monthly purchases still exceed the new supply of 80,000 ETH, the buying gap is narrowing rapidly.