Ethereum Sees 81% Decline in Institutional Purchases as DAT Inflows Drop to a 2025 Low

Institutional interest in Ethereum (ETH) appears to be dwindling as new data from Bitwise reveals that purchases by publicly traded Digital Asset Treasuries (DATs) dropped to 370,000 ETH in November. This marks an alarming 81% decrease from their August peak of 1.9 million ETH.

This decline is significant as DATs have served as one of Ethereum’s robust demand sources this year, often buying more tokens than the network issues monthly.

DAT Buying Declines

The statistics from Bitwise shared by analyst Max Shannon illustrate a consistent decrease in DAT’s ETH purchases from July through November 2025. The monthly ETH accumulation has seen a drastic fall: from 1.9 million ETH in August, these purchases dwindled to 1.06 million in September, 670,000 in October, and ultimately just 370,000 in November.

Market challenges are cited as the primary reason for this downturn. Shannon stated, “the treasury model, once thought to usher in a new phase after ‘altcoin season,’ is quickly losing traction.”

He highlighted that dropping market valuations, referred to as mNAV, are weakening their purchasing power, creating a ripple effect where declining crypto prices lead to reduced values of DAT holdings. This situation complicates capital raising efforts needed to acquire more assets, thereby amplifying price pressure.

This trend is reflected globally, as observed in the halting of a planned $500 million Ethereum DAT project by prominent Chinese crypto figures, including Huobi’s founder Leon Li Lin, who attributed the pause to unfavorable market conditions and an uncertain macroeconomic outlook.

Bitmine Expands its ETH Holdings

Conversely, not all investors are stepping back. According to Lookonchain, Tom Lee’s Bitmine has just acquired an additional 18,345 ETH, valued at approximately $55 million, further expanding its existing massive position of 3.7 million ETH. Data from CoinGecko indicates that publicly traded firms currently hold over 5.7 million ETH collectively, with Bitmine alone representing more than half of this total.

Historically, DATs have been regarded as a structural mechanism that absorbs Ethereum’s supply while providing stable long-term demand. However, the recent slowdown in buying activity indicates a pivotal shift wherein buyer appetite is no longer matching the aggressive accumulation observed during mid-2025.