The latest data from Bitwise shows that Ethereum treasury transactions are experiencing a sharp decline. In November, digital asset treasury companies purchased only 370,000 ETH, a plunge of about 81% compared to 1.97 million ETH in August, marking the gradual end of the current “altcoin season.” Max Shannon, a senior researcher at Bitwise, pointed out that this trend is similar to previous cycles: as more alternative assets become available, the same capital pool can no longer meet demand.
In July this year, the Ethereum treasury market heated up rapidly, with several companies emulating Bitcoin treasury strategies to make purchases. Among them, Bitmine, led by Wall Street strategist Tom Lee, continued to dominate the market, holding more Ethereum than the combined total of the other 68 treasury companies, making it the largest Ethereum-holding enterprise. Meanwhile, the purchasing power of smaller treasury participants declined, premiums were compressed, and they faced elimination pressures, further intensifying the trend toward market concentration.
Shannon said that although treasury purchases are still slightly higher than the monthly new supply of 80,000 ETH, the downward trend could lead to the disappearance of structural demand, a decline in market net asset value (mNAV), and the accumulation of market pressure. As larger treasury institutions continue to attract capital and buy more ETH, smaller treasuries face a “death spiral,” making it difficult to remain competitive during price upcycles.
Bitwise’s report highlights that the current Ethereum treasury market is showing a winner-takes-all dynamic. Bitmine’s holdings are close to 3.73 million ETH, worth about $13 billion, more than four times its closest competitor, with its capital strength and market influence further consolidating the concentration trend. Shannon pointed out that smaller treasury institutions lacking capital market support will be forced into passive participation, further exacerbating market concentration. (DL News)
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