TechFlame reports, citing data from Bitwise via DL News, that in November 2025, the Ethereum DAT treasury company purchased only 370,000 ETH, a sharp drop of approximately 81% from the August peak of 1.97 million. Bitwise analysts noted that this pattern is rapidly unraveling as funds become more dispersed and premiums compress. The current market exhibits a "winner-takes-all" structure, with Bitmine holding 3.73 million ETH, exceeding the combined holdings of the other 68 treasuries. Although the current monthly purchases still surpass the new supply of 80,000 ETH, the gap in buying pressure is narrowing rapidly.