Ethereum treasury trade unwinds 80% as handful of whales dominate buys

Corporate Ether acquisitions continue to decline as the world’s largest corporate ETH holder continues scooping up billions in Ether, aiming to amass 5% of the total supply.

The Ethereum treasury trade appears to be unwinding as monthly acquisitions continue to decline since the August high, while the largest players continue to scoop up billions of the Ether supply.

Investments from Ethereum digital asset treasuries (DATs) fell 81% in the past three months, from 1.97 million Ether (ETH) in August to 370,000 ETH in November, according to Bitwise, an asset management firm.

“ETH DAT bear continues,” wrote Max Shennon, senior research associate at Bitwise, in a Tuesday X post.

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