Ethereum in free fall among companies: What is happening?

Once perceived as the rising star of Web3, Ethereum now seems to be losing its shine among companies. The breath that fueled its treasuries is running out. Is this just a temporary slump, or a sign that ETH is no longer the favorite gem of the crypto world? Behind the scenes, a deeper transition may well be underway. Decoding a silent but strategic turning point.

Ether in free fall among professionals

Since summer, Ether purchases by crypto companies have collapsed. The phenomenon was already visible in August, but it has intensified. Bitwise observes a drop of 81%, falling from 1.97 million ETH to only 370,000 in November. These treasuries, called DAT (Digital Asset Treasuries), were supposed to support Ethereum’s value. But the enthusiasm is no longer there.

Max Shannon, analyst at Bitwise, summarizes the situation :

The treasuries were the version of this market phase that one could call “altseason,” and the same pattern is repeating as in previous cycles. 

The cause? Alternatives are emerging, funding is drying up, small structures struggle to keep up. Massive ether purchasing has become a luxury reserved for the strongest.

Meanwhile, other projects are taking over. Solana, Avalanche, Arbitrum are attracting attention in turn. Even if Ethereum retains a prime position, competition is becoming real. The crypto industry is in constant motion. Ethereum is no longer unanimous.

BitMine, the silent giant of corporate Ethereum

One name comes up in all analyses: BitMine. The company led by Tom Lee now holds more than 3.7 million ether, equivalent to 13 billion dollars. By itself, it weighs more than all other crypto companies combined in this space.

In November, BitMine acquired an additional 679,000 ETH. It aims for a crazy goal: to own 5% of the total Ethereum supply. While small players fade away, it keeps buying, driven by abundant treasury.

Shannon warns about this extreme concentration:

The largest DAT companies, supported by stronger capital markets, are best positioned to raise funds, buy more ETH, and attract more external capital, thus strengthening the momentum.

This imbalance creates a “winner takes most” dynamic. Small DATs, without financial leverage, see their margins squeezed. They become unattractive to investors and gradually sink.

In response, other crypto assets seem to benefit from the refocus of attention: Bitcoin regains momentum, while specialized altcoins take advantage of less saturated niches.

Ethereum attempts a rebound… but the crypto market keeps its distance

On the price side, Ethereum fluctuates around $3,100, flirting with a strategic resistance zone between $3,100 and $3,200. For many analysts, breaking this threshold is necessary to target $4,000, or even $4,150 if the descending wedge pattern confirms.

But the signals are not encouraging. Institutional buying volumes have turned red. According to Capriole Investments, the market went from a peak of 121,827 ETH purchased per day to a net sale of 5,520 ETH per day. Difficult to remain optimistic under these conditions.

Michael van de Poppe, founder of MN Capital, cautions :

The crucial question for ETH is whether it will break its 20-day moving average. If this threshold is crossed, we can hope for an increase. But given the recent rejection, we can assume a consolidation phase will continue.

Meanwhile, other cryptos take advantage to occupy the ground. The crypto market remains dynamic, but Ethereum must now convince again. No longer with its past promises, but with solid proof of future adoption.

What to remember in 5 points

• Corporate Ethereum purchases fell by 81% between August and November 2025;
• BitMine now holds more than 3.7 million ETH, worth over 13 billion dollars;
• Small crypto treasuries now sell an average of 5,520 ETH per day;
• The price of ETH at the time of writing is 3,196 dollars;
• Technical resistances around $3,200 hinder a real market recovery.

Despite current turbulence, Ethereum has not said its last word. The recent activation of Fusaka , a new essential technical building block, could well mark the beginning of an unprecedented era for the ecosystem. The real turning point might be more structural than it seems.