Bitwise’s latest analysis shows that ETH purchases by DAT funds are dropping sharply. In November, treasuries only bought about 370,000 ETH — down 81% from the August peak of 1.97 million ETH. This reflects a marked weakening of the treasury model, which was once expected to inherit the “altcoin season” cycle.
Bitwise states that the continued decline in mNAV is undermining the buying power of the funds. As new capital inflows dwindle, many smaller treasuries are falling into a “death spiral” because they cannot raise additional funds to maintain operations or continue buying ETH. Data shows that if the market does not improve or investor confidence does not return, the accumulation trend under the treasury model will continue to weaken, causing smaller funds to be gradually eliminated from the Ethereum ecosystem.
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