In accordance with DL News, Ethereum treasury purchases fell to 370,000 ETH in November, down 81% from August’s peak of 1.97 million ETH, according to Bitwise data. Max Shannon of Bitwise noted that the unwinding follows a pattern seen in previous cycles, as capital shifts to other alternatives. Smaller treasury firms are struggling as premiums compress and purchasing power declines, while Bitmine, led by Tom Lee, dominates the market with over 3.73 million ETH. Shannon warned that if treasury buying continues to decline, the structural bid for Ether will disappear.
Ethereum Treasury Purchases Drop 81% in November, Bitwise Warns of Unwinding Trade
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