Institutional appetite for Ethereum (ETH) has hit a wall, with recent data from Bitwise showing that purchases of the cryptocurrency by publicly traded Digital Asset Treasuries (DATs) fell to 370,000 ETH in November, representing an 81% drop from the August peak of 1.9 million ETH.
The falloff matters because DATs have been one of Ethereum’s strongest sources of demand this year, often absorbing more tokens each month than the network issues.
DAT Buying Weakens
The figures from Bitwise, shared by analyst Max Shannon, show a steady decline in monthly ETH accumulation by DATs from July through November 2025.
The data highlighted a stark progression: after scooping up 1.9 million ETH in August, treasury buying fell to 1.06 million in September, 670,000 in October, and finally just 370,000 in November.
Analysts point to a challenging market environment as the primary cause. According to Shannon, the “treasury model, once seen as a successor to the ‘altcoin season,’ is rapidly losing momentum.”
He noted that declining market values for these companies, a metric known as mNAV, are weakening their buying power. This has created a difficult cycle where falling crypto prices have led to the value of DAT holdings dropping, making it harder for them to raise new capital to buy more assets, which further pressures prices.
This pressure is evident globally as seen in the recent shelving of a planned $500 million Ethereum DAT venture led by major Chinese crypto figures, including Huobi founder Leon Li Lin. Li cited poor market conditions and an unclear macro outlook as reasons for the pause.
Bitmine Adds to its ETH Stockpile
Still, not every buyer is retreating. According to Lookonchain, Tom Lee’s Bitmine just bought another 18,345 ETH worth about $55 million, adding to the company’s already massive 3.7 million ETH position. CoinGecko’s treasury dashboard shows that publicly listed firms now hold over 5.7 million ETH combined, with Bitmine alone accounting for more than half.
DATs were previously seen as a structural force absorbing supply and providing consistent long-term demand.
Between July and November, they accumulated more than 4 million ETH even as monthly issuance hovered near zero.
While the recent slowdown doesn’t negate that impact, it does hint at a turning point where appetite is no longer keeping pace with the aggressive accumulation seen during mid-2025.