According to PANews, data from Bitwise reported by DL News indicates that Ethereum DAT Treasury Company acquired only 370,000 ETH in November 2025, marking a significant drop of approximately 81% from the peak of 1. 97 million ETH in August. Bitwise analysts suggest that this model is rapidly disintegrating due to capital dispersion and premium compression. The current market is described as a 'winner-takes-all' scenario, with Bitmine holding 3
source: https://www.binance.com/en/square/post/33240379003274?utm_source=BinanceNewsRSS