06:11
Bitwise warning: In the past three months, Ethereum treasury holdings have plummeted by 80%, and Bitmine is intensifying market centralization.
The latest data from Bitwise shows that Ethereum treasury transactions are experiencing a sharp decline. In November, digital asset treasury companies purchased only 370,000 ETH, a drop of about 81% compared to 1.97 million ETH in August, signaling that the current "altcoin season" is gradually coming to an end. Bitwise senior researcher Max Shannon pointed out that this trend is similar to previous cycles: as alternative assets increase, it becomes more difficult for the same capital pool to meet demand.
In July of this year, the Ethereum treasury market heated up rapidly, with multiple companies emulating Bitcoin treasury strategies for acquisitions. Among them, Bitmine, led by Wall Street strategist Tom Lee, continued to dominate the market, holding more Ethereum than the combined total of the other 68 treasury companies, making it the largest Ethereum-holding enterprise. Meanwhile, the purchasing power of smaller treasury participants declined, premiums were compressed, and they faced elimination pressure, leading to an intensified trend toward market concentration.
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