BitMine Takes the Lead in Ethereum Accumulation as DAT Purchases Decline Significantly

Ethereum Treasury Behavior: Ethereum's largest on-chain treasuries have seen an 81% drop in monthly acquisitions since August, indicating a cooling period in aggressive buying, while BitMine continues to accumulate Ether significantly, adding 679,000 ETH in the past month.

BitMine's Dominance: BitMine Immersion Technologies leads global ETH treasuries with 3.37 million ETH valued at over $11.2 billion, contrasting with other large wallets that have paused accumulation, suggesting a potential cyclical bottom for Ethereum.

Market Trends: The overall market shows a slowdown in institutional Ethereum accumulation, with monthly buying decreasing sharply since August, while ETF-related demand remains strong, indicating a shift in institutional interest from direct treasuries to ETF ecosystems.

Future Outlook: The decline in direct acquisitions suggests reduced speculative pressure, while BitMine's aggressive buying reflects strong market conviction; the maturing market structure and stable ETF demand may lead institutions to favor regulated, yield-generating products.