Digital asset treasuries (DATs) recorded a significant slowdown in activity during November, marking the weakest month for inflows in 2025. According to DefiLlama, inflows totaled only $1.32 billion, a striking 34% drop from October’s figures of $1.99 billion, and an alarming 88% below September’s $11.55 billion.

Bitcoin treasuries spearheaded the month’s inflows, securing $1.06 billion, bolstered by notable purchases such as Strategy’s $835 million in Bitcoin on November 17 and Metaplanet’s $130 million acquisition on November 25.

Despite a commanding performance earlier in the year, Ether saw around $37 million in outflows for November, even as BitMine Immersion Technologies continued stockpiling ETH throughout the month.

Sharp Market Corrections Ahead

As have inflows decreased, equities from firms focused on digital assets faced notable declines, with some undergoing sharp sell-offs. For instance, Strategy’s stock price plummeted 35.23% during November, reflecting a drop from $264.67 to $171.42.

Despite the downturn, Michael Saylor remains resolute, asserting on social media that he will not waiver in his commitment to Bitcoin investments.

Elsewhere, Metaplanet, a prominent player in Bitcoin accumulation from Japan, recorded a 20.67% decline, with prices diminishing from 450 JPY to $2.29.

Overall, the ongoing trends suggest that the DAT space is heading towards greater differentiation, with top-performing firms likely to secure higher valuations while others may fall into prolonged discounts.