First Coin

Why Big Companies Have Slashed Their Ethereum Buying by 81%

Big Companies Are Buying a Lot Less Ethereum

Some of the world’s biggest buyers of Ethereum (ETH) are slowing down. Ethereum is a popular type of cryptocurrency, which is a form of digital money. In November, these large companies bought 81% less Ethereum compared to their peak in August.

This is important because these companies were buying so much Ethereum that they were a major reason for its demand this year.

How Much Did the Buying Decrease?

The numbers show a big drop in how much Ethereum was bought by what are called Digital Asset Treasuries (DATs). Think of DATs as companies whose main job is to hold and manage large amounts of digital money for others.

Here’s how their buying changed from July to November 2025:

Why Is This Happening?

Experts say the main reason is that the market is in a tough spot right now. An analyst named Max Shannon explained that the way these companies make money isn’t working as well as it used to.

Here’s the problem they face:

  1. The price of cryptocurrencies goes down.
  2. This makes the digital money these companies already hold worth less.
  3. Because their holdings are worth less, it’s harder for them to get new money from investors to buy more crypto.
  4. This can cause prices to fall even more, creating a difficult cycle.

This slowdown is happening worldwide. For example, a huge $500 million plan to buy Ethereum in China was recently put on hold. The leader of the project, Huobi founder Leon Li Lin, said the market conditions were too poor to move forward.

But Not Everyone Is Stopping

While many are backing away, some are still buying. A company called Bitmine, led by Tom Lee, just spent about $55 million to buy another 18,345 ETH. This company now holds a massive 3.7 million ETH, which is more than half of all the Ethereum held by publicly listed companies combined.

What This Means for Ethereum

For a while, DATs were seen as a steady force that would keep buying up Ethereum, helping to support its price. Even with the market slowing down, they still bought over 4 million ETH between July and November.

However, this recent 81% collapse in buying shows that their appetite isn’t as strong as it was during the aggressive buying period in mid-2025. This could mean a big source of demand for Ethereum is starting to dry up.