Ethereum Treasury Purchases Plunge 80% as Corporate Giants Hit the Brakes

Corporate treasuries are pulling back from Ethereum—hard. A staggering 80% drop in purchases signals a major shift in institutional sentiment.

The Great Pause Button

Forget the steady drip of corporate adoption narratives. The data shows a sharp reversal. Companies that were once vocal about adding crypto to their balance sheets have gone quiet. The treasury spigot isn't just tightened; it's nearly shut off.

Reading Between the Balance Sheets

This isn't about retail FOMO. This is about CFOs and risk committees recalculating in a new macro environment. High interest rates make holding cash attractive again. Regulatory uncertainty adds another layer of friction. When the cost of capital rises, speculative assets—even blue-chip ones like Ethereum—get scrutinized under a harsher light.

A Market in Search of a Catalyst

The pullback creates a vacuum. It removes a key source of structural demand that helped prop up prices during previous downturns. The market now waits to see what—or who—fills it. Will decentralized finance protocols step up? Can layer-2 networks drive their own ecosystem buying? The next chapter of demand needs a new author.

One cynical take? Corporate treasury strategies often look brilliant in bull markets and get quietly shelved at the first sign of trouble—a classic case of fair-weather diversification. The 80% drop suggests that for many, their crypto conviction was only skin-deep.

Ethereum treasuries are collapsing fast. Purchases have dropped 80% in just three months, from 1.97 million ETH in August to only 370,000 ETH in November, showing that companies are rapidly pulling back from the trend.

Bitwise has warned that the model is under pressure, and many companies that were buying large amounts of Ether are now stepping back.

Earlier this year, companies rushed to buy ETH for their balance sheets, copying the Bitcoin treasury model. Bitmine, led by Tom Lee, became the biggest buyer and still holds more ETH than all other firms combined. But most other companies are now struggling.

Weakening Ethereum Treasury Demand

Bitwise reports that premiums are falling, buying power is weak, and smaller firms can’t keep up. Analyst Max Shannon said the treasury trend looked like an “altseason,” but demand is fading. Treasury buying still exceeds Ethereum’s monthly supply of around 80,000 ETH, but the gap is closing. Falling values and smaller purchases show that the support is weakening.

ETH DAT bear continues. pic.twitter.com/5YhOwqTICd

Purchases have dropped over 80% in three months, while new ETH entering the market remains the same. The imbalance that once pushed prices up has disappeared.

Bitmine Dominates the Ethereum Treasury Market

The treasury market is now dominated by one player: Bitmine. It holds over 3.7 million ETH (nearly $13 billion), far more than any competitor. With strong access to capital, Bitmine can keep raising money and buying ETH. Smaller firms cannot.

Without new funds, they cannot buy ETH. Without buying ETH, they cannot attract investors. Their premiums drop, dilution rises, and survival becomes harder.