Ether purchases by corporate treasuries almost stopped in November. Companies that had been building large ETH portfolios all year acquired only 370,000 coins — the lowest for the entire cycle. This is a drop of 81 percent compared to August, when demand reached nearly 2 million ETH per month.
Against this backdrop, the Ethereum price also fell by 16 percent, retreating from the local high of $3,656. The situation once again raises the question of how stable the ‘structural demand’ from large holders is, which supported a significant segment of the summer’s bull momentum.
Corporate demand is deflating faster than expected
According to Bitwise, the sharp slowdown in purchases was not a surprise. Treasuries were actively entering ether in the middle of the year — at the height of the altcoin rally and the shift of corporate structures to long-term strategies.
But July and August were the peak. After that, signs of overheating began to appear.
‘Treasuries became the hallmark of this altseason, and now we are seeing a classic repeat of previous cycles’ patterns,’ explains Max Shannon from Bitwise.
It was corporate treasuries that formed a new layer of demand for ether when large public companies began copying the Strategy and BitMine model — holding coins on balance sheet rather than trading them.
BitMine Immersion especially stood out, shifting its focus from bitcoin mining to long-term ETH accumulation. Its balance is now so large that the company holds more ether than all other major corporate structures combined.
Why purchases are falling so quickly
The sharp reduction in investments does not mean mass sell-offs, but leads to something else: ‘structural demand’ falls, which is a blow to the stability of the ETH market. Shannon warns — if the net difference between corporate purchases and monthly ETH issuance becomes negative, pressure on the market will inevitably increase.
Ether continues to issue about 80,000 coins per month after switching to the new economic model. With corporate purchases dropping to 370,000 coins in November, the market is still maintaining balance. But if demand falls even lower, this buffer will disappear.
mNAV is also falling. This is a metric that shows how the market values treasury assets relative to their net worth. A drop in mNAV means companies become less attractive to investors — which means they have fewer opportunities to raise capital and continue purchases.
Standart Chartered, however, sees the situation differently. Head of Digital Assets Jeff Kendrick believes: as long as mNAV stays above 1, demand from treasuries will remain stable. He adds — treasuries have already become a systemic player:
- 8% of all bitcoin
- 4.74% of ether
- and almost 3% of Solana — are on their balance sheets
This is a scale that can already influence the price.
Why ether treasuries may hold on
According to Kendrick, ether-focused companies are in a more comfortable position than bitcoin-oriented ones. The reason is simple: Ether and Solana provide staking income. This allows companies to offset some expenses, and mNAV grows automatically.
Tom Lee previously estimated that staking alone can add up to 0.6 to mNAV for ETH treasuries. This is a strong advantage that bitcoin does not have.
Currently, there are three key players in the market: BitMine, Sharplink, and The Ether Machine. They have large balances, stable funding, and access to liquidity — making them operationally resilient even in volatile conditions.
BitMine strengthens its leadership
Last week, BitMine increased its share by another 96,798 ETH. The company’s total balance is now 3.73 million coins — more than $10 billion.
For comparison:
- Sharplink holds 859,853 ETH
- The Ether Machine — 496,712 ETH
- Bit Digital — 153,546 ETH
- Coinbase — 148,715 ETH
FG Nexus, on the contrary, reduced its balance in November — the company sold more than $33 million in ETH on November 20.
What this means for Ethereum
The drop in corporate purchases is not the third coming of a bear market. But it is an early signal that one of the key sources of sustainable demand is weakening.
If treasury purchases continue to fall in December and January, ether could lose some of its structural support, and the market will become dependent on staking dynamics and institutional flows.
If mNAV stabilizes and corporate companies regain access to capital, the pressure will disappear. For now, the market is observing a balance between risks and advantages:
Negative:
- purchases fell by 81 percent
- mNAV is declining
- net inflow may become negative
Positive:
- staking supports yield
- large treasuries continue to build or hold positions
- key players have long horizons and strong balances
December will show what happens to this equilibrium.
Read more: Bitcoin returns above $94,000, the market tries to recover after the panic around Strategy
