Ethereum Treasury Buying Collapses as Liquidity Stress Rises
- ETH treasury buys fall 81% as weakening mNAV signals structural strain in DAT activity.
- DAT inflows fell to $1.32B, with ETH shifting from leading inflows to net outflows.
- Weak mNAV readings show shrinking treasury strength and rising ecosystem liquidity stress.
Ethereum’s treasury accumulation model is losing momentum as new data shows a steep collapse in ETH purchases and weakening treasury health. The slowdown marks a deeper structural shift rather than a brief pause, signaling an ecosystem struggling to recycle capital. The trend now resembles earlier liquidity crunches that hit the market during mid-2021 and late 2022.
Treasury Buying Drops as Demand Weakens
New numbers from Bitwise show a sharp decline in treasury accumulation during November. Treasuries bought only 370,000 ETH last month, which marked an 81% drop from August. The steep decline contrasts with the strong buying that dominated the market from July through October.
During those months, demand consistently exceeded supply. Monthly purchases ranged from 370,000 ETH to nearly 2 million ETH. Net-new supply stayed anchored at 80,000 ETH each month. The imbalance supported Ethereum and kept steady pressure on circulation.
However, November broke that trend. Demand slowed sharply as corporate treasuries retreated from aggressive accumulation. The drop in treasury activity now raises questions about how long Ethereum’s internal bid can support the market. The decline also mirrors periods when liquidity faded sharply, reducing the ability of smaller participants to sustain buying.
Bitwise noted that the mNAV metric, which tracks treasury health, weakened at the same time. The lower mNAV reading suggests treasuries now have less available buying power. The pattern resembles structural slowdowns that appeared during earlier market resets.
DAT Inflows Hit Yearly Low as Stocks Fall
Digital asset treasuries also saw their weakest month of the year. November recorded only $1.32 billion in inflows. The number marked a 34% slide from October and an 88% plunge from September. The pullback hit ETH hardest, as it shifted from leading inflows to recording net outflows.
Bitcoin treasuries still attracted most of the capital. BTC inflows reached $1.06 billion due to two large purchases. Strategy bought $835 million in Bitcoin on November 17. Metaplanet added another $130 million on November 25. XRP followed with $214 million in inflows, which helped soften the overall decline.
ETH was the exception. It recorded $37 million in outflows even as BitMine Immersion Technologies continued buying through the month. The shift marked a clear reversal from earlier periods when Ethereum led corporate accumulation.
DAT equities also struggled. Major stocks tied to treasury strategies corrected sharply, despite a brief rally earlier in the week. The decline reflected broader pressure on treasury-focused companies as demand cooled.
Bitwise chief investment officer Matt Hougan said DATs moved together for most of the year. They rose and fell in tight correlation across six months. Now he expects greater separation between firms. He said companies with clear goals and strong execution may find support. Others may face ongoing pressure if demand continues to weaken.
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The collapse in ETH treasury buying suggests a structural reset rather than a short-term pause. The ecosystem depends heavily on treasury activity during intense speculative phases. When buying weakens, internal capital recycling slows quickly. Smaller treasuries then face more strain as they lose the ability to fund new purchases.
This cycle now resembles periods preceding major resets in previous years. Liquidity faded, mNAV weakened, and treasury flows slowed each time. The pattern hints at renewed stress across speculative segments of the Ethereum market.
As demand cools, Ethereum faces a slower growth phase that contrasts sharply with the aggressive accumulation seen earlier in the year. The shift also challenges the long-standing narrative that treasury strategies could act as a sustained growth engine.
