Demand for institutional Ethereum is collapsing as purchases of Digital Asset Treasuries have fallen 81% since August, with inflows falling to 370,000 ETH.
Institutional interest in 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, down 81% from the peak of 1.9 million ETH in August.
The drop matters because DATs have been one of the strongest sources of demand for Ethereum this year, often gobbling up more tokens per month than the network issues.
DAT purchases are weakening
Bitwise’s figures, shared by analyst Max Shannon, show a steady decline in monthly ETH accumulation by DATs from July through November 2025.
The data showed strong progress: after raising 1.9 million ETH in August, state purchases dropped 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 main cause. According to Shannon, the “treasury model, once seen as the successor to the ‘altcoin season’, is rapidly losing momentum.”
He noted that declining market values for these companies, a measure known as mNAV, weaken their purchasing power. This has created a difficult cycle where falling crypto prices have caused the value of DAT holdings to fall, making it harder for them to raise new capital to purchase more assets, further putting pressure on prices.
These pressures are evident globally, as evidenced by the recent suspension 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 unclear macro prospects as reasons for the pause.
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Yet not every buyer is backing out. According to Lookonchain, Tom Lee’s Bitmine is common bought another 18,345 ETH worth approximately $55 million, adding to the company’s already huge ETH position of 3.7 million. CoinGecko’s treasury dashboard shows that listed companies now collectively own more than 5.7 million ETH, with Bitmine alone accounting for more than half.
DATs were previously seen as a structural force that absorbed supply and ensured consistent long-term demand.
Between July and November, they collected more than 4 million ETH, even as monthly issuance hovered around zero.
While the recent slowdown does not negate this impact, it does signal a turning point where appetite is no longer keeping pace with the aggressive accumulation seen in mid-2025.
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