2025-12-09 20:26:59

Recently, I saw some pretty shocking data.

According to statistics from a certain asset management institution, Ethereum treasuries only bought 370,000 ETH in November—what does that mean? During the peak in August, it was 1.97 million ETH, a direct drop of 81% in just three months.

This treasury playbook doesn’t seem to be working anymore. mNAV has been under constant pressure, buy-side demand is clearly weak, and those smaller treasuries are entering a death spiral because they can’t raise funds.

What’s even more critical is the trend: if purchasing power keeps shrinking, the structural demand for ETH could really disappear. In their words—"the tide is already going out."

This treasury boom might really be over.

ETH0,37%

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GasFeeVictim

· 2025-12-12 07:19

The Treasury thing really doesn’t make sense, 81% just disappeared? I thought it was stable. --- The tide is starting to recede, I’ve felt for a while that mNAV is a bit overwhelmed. --- If the small treasury can’t get funding, it’s directly a death spiral. That logic is brutal. --- 370,000 vs 1.97 million, how bad does that data have to look... No wonder buying momentum is so weak. --- If purchasing power really shrinks, the demand for ETH might truly be gone. --- The treasury heat has cooled off? It feels like the entire ecosystem is cooling down. --- With so much pressure, still maintaining mNAV—there’s something off about this approach.

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CryingOldWallet

· 2025-12-11 06:10

81% directly evaporated? Now that's the real vampire mode. The treasury guys are going to cry.

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Ser_Liquidated

· 2025-12-09 20:57

An 81% drop like this is honestly pretty outrageous. The small treasuries are probably going to get gradually drained.

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WalletInspector

· 2025-12-09 20:55

370,000 coins... This number is really disappointing, it's been cut in half compared to August. --- This whole narrative around the treasury is finally about to fall apart. I couldn't stand those people hyping it up for a long time. --- Wait, is mNAV really continuing to weaken? Feels like no one's talking about it lately. --- "Death spiral" is the perfect term for this. Small and medium treasuries really have no way out. --- 81%... damn, this drop just shows there's a lack of faith. --- It's truly hopeless when there's no structural demand left—that means there's really no reason for a rebound. --- Hearing "the tide is starting to recede" is depressing. Looks like a real shakeout is coming. --- The question is, is there any hope for a recovery, or is it really over? --- Kind of regret chasing the hype before. Now it's too late to regret. --- If you can't raise money, it's game over—that's the reality.

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GhostInTheChain