PANews reported on December 4th, citing Bitwise data, that Ethereum's DAT treasury purchased only 370,000 ETH in November 2025, a drop of approximately 81% from its August peak of 1.97 million. Bitwise analysts stated that this model is rapidly disintegrating due to the dispersion of funds and the compression of premiums. The current market exhibits a "winner-takes-all" pattern, with Bitmine holding 3.73 million ETH, exceeding the combined holdings of the other 68 treasuries. Although current monthly purchases still exceed the new supply of 80,000 ETH, the gap in buying and selling is rapidly narrowing.