Ethereum Treasury Trade Unwinds 80% As Handful Of Whales Dominate Buys

Corporate Ether acquisitions continue to decline, leaving the world’s largest corporate ETH holder to scoop 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, though 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.

Despite the slowdown, some companies with stronger financial backgrounds continue to accumulate the world’s second-largest cryptocurrency or raise funds for future purchases.

Related: Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH

BitMine Immersion Technologies, the largest corporate Ether holder, accumulated about 679,000 Ether worth $2.13 billion over the past month, completing 62% of its target to accumulate 5% of the ETH supply, according to data from the Strategicethreserve.

BitMine holds an additional $882 million worth of cash according to the data aggregator, which may signal more incoming Ether accumulation.

Related: Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee

Earlier in November, Republic Technologies (previously Beyond Medical Technologies) raised $100 million through a convertible note offering for future Ether acquisitions.

Source: CoinTelegraph