Ethereum’s Q4 DAT Purchases Hit Record Lows—What’s Next for the Network?

Ethereum's decentralized application token purchases plunged to their lowest levels in Q4, sparking debate across crypto circles. The drop signals shifting investor priorities—or maybe just another case of 'crypto winter' déjà vu.

Behind the Numbers

While exact figures vary, the trend is clear: demand for DATs softened significantly. Some point to high gas fees pushing users toward layer-2 solutions; others whisper about 'yield fatigue' setting in after years of DeFi mania.

A Network at a Crossroads

Ethereum's ecosystem isn't standing still—developers keep building, and the merge remains a historic milestone. But when the 'digital oil' of its economy slows, even true believers start asking tough questions. Is this a temporary lull or a fundamental shift?

One cynical take? Traditional finance types might call this 'market maturation.' Crypto natives know it's just another cycle—where yesterday's hype becomes tomorrow's buying opportunity. Either way, all eyes are on what—or who—reignites the spark.

Key highlights

• ETH DAT purchases fell from 1.97M in August to 0.37M in November.
• Major treasuries like SharpLink and FG Nexus show slower accumulation.
• CoinGecko data confirms cooling corporate demand across top ETH holders.

Corporate ethereum treasuries, once one of the fastest-growing segments in crypto finance, have slowed in recent months. Companies that once accumulated Ethereum (ETH) at aggressive rates have dialed back purchases as market volatility, higher staking yields across competitors, and defensive treasury strategies reshape demand.

This shift is now visible across Ethereum Digital Asset Treasuries (DATs), which saw inflows fall sharply heading into the final quarter of 2025.

Public concerns over ETH treasury

Bitwise analyst Max Shannon highlighted the reversal on X, posting a chart showing ETH purchases collapsing from 1.97 million ETH in August to just 0.37 million ETH in November. Shannon said the “ETH DAT bear continues,” pointing to weakening appetite even as net new ETH supply trends remain structurally supportive.

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

The shift reflects a mix of factors: cautious treasury management, companies pausing accumulation after large Q3 buys, and investors weighing broader macro risks despite Ethereum’s staking appeal. ETH is currently trading around $3,050.

ETH strategy still paying off

In contrast to the broader slowdown, SharpLink reported on November 13 that its ETH treasury strategy continues to drive strong financial results. The firm posted $104.3 million in Q3 profit, fueled by staking rewards and expanding ETH holdings.

SharpLink grew its treasury to 861,251 ETH by November 9, earning 492 ETH in staking rewards in a single week and more than 7,000 ETH since June. 

Another corporate buyer, FG Nexus, reported on September 24 that it hit 50,000 ETH in treasury holdings after shifting to an Ethereum-first strategy in August. The firm’s stock (FGNX) ROSE 4.5% on the update.

Corporate treasuries remain concentrated

New data from CoinGecko shows that Ethereum treasury holdings remain dominated by a small number of U.S.-listed firms:

• BitMine Immersion (BMNR) leads with 3,726,499 ETH, equal to 3.09% of the total supply.
• SharpLink follows with 859,853 ETH, representing 0.71% of supply.
• The Ether Machine holds 496,712 ETH, or 0.41%.
• Bit Digital and Coinbase round out the top five with 153,546 ETH and 148,715 ETH, respectively.

These concentrations show where treasury accumulation remains strong, but also how few firms continued buying aggressively in late 2025. Only BMNR logged a meaningful increase (+331K ETH) in the last 30D.

Treasury demand may rebound, but not yet

With corporate ETH purchases slowing sharply and DAT inflows falling to their lowest level in months, analysts say the next catalyst will likely come from macro shifts or improved staking economics.

For now, Ethereum’s treasury cycle appears to be entering a wait-and-see phase: one where large holders protect existing balances rather than expand them. Whether accumulation restarts in early 2026 will shape the next phase of the ETH corporate adoption narrative.

Also read: Ethereum Launches Private ZK Secret Santa on Blockchain