Institutional Ethereum demand collapses as Digital Asset Treasuries’ purchases drop 81% since August, with inflows dropping to 370K ETH.

Institutional appetite for Ethereum (ETH) has hit a wall, with recent data from Bitwise showing that purchases of the cryptocurrency by publicly traded Digital Asset Treasuries (DATs) fell to 370,000 ETH in November, representing an 81% drop from the August peak of 1.9 million ETH.

The falloff matters because DATs have been one of Ethereum’s strongest sources of demand this year, often absorbing more tokens each month than the network issues.

DAT Buying Weakens

The figures from Bitwise, shared by analyst Max Shannon, show a steady decline in monthly ETH accumulation by DATs from July through November 2025.

The data highlighted a stark progression: after scooping up 1.9 million ETH in August, treasury buying fell to 1.06 million in September, 670,000 in October, and finally just 370,000 in November.

Analysts point to a challenging market environment as the primary cause. According to Shannon, the “treasury model, once seen as a successor to the ‘altcoin season,’ is rapidly losing momentum.”

He noted that declining market values for these companies, a metric known as mNAV, are weakening their buying power. This has created a difficult cycle where falling crypto prices have led to the value of DAT holdings dropping, making it harder for them to raise new capital to buy more assets, which further pressures prices.

This pressure is evident globally as seen in the recent shelving of a planned $500 million Ethereum DAT venture led by major Chinese crypto figures, including Huobi founder Leon Li Lin. Li cited poor market conditions and an unclear macro outlook as reasons for the pause.

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Bitmine Adds to its ETH Stockpile

Still, not every buyer is retreating. According to Lookonchain, Tom Lee’s Bitmine just bought another 18,345 ETH worth about $55 million, adding to the company’s already massive 3.7 million ETH position. CoinGecko’s treasury dashboard shows that publicly listed firms now hold over 5.7 million ETH combined, with Bitmine alone accounting for more than half.

DATs were previously seen as a structural force absorbing supply and providing consistent long-term demand.

Between July and November, they accumulated more than 4 million ETH even as monthly issuance hovered near zero.

While the recent slowdown doesn’t negate that impact, it does hint at a turning point where appetite is no longer keeping pace with the aggressive accumulation seen during mid-2025.

ETH trading volumes surged from mid-year acceleration to a $599 billion peak.

The trading activity of Ethereum (ETH) has remained high throughout 2025. Interestingly, CryptoQuant data now reveals that spot trading volume across exchanges reached $375 billion in November.

Meanwhile, exchange-traded fund (ETF) volume climbed to nearly $35 billion.

Institutional Money Pours In

According to the analysis, Ethereum began the year with significant volatility in monthly trading activity, with total volume fluctuating between roughly $280 billion and $380 billion before accelerating sharply in the middle of the year.

That surge eventually led to a peak of more than $599 billion in August, and marked the highest monthly trading volume recorded during the period. Following this spike, trading activity eased but stayed comparatively strong, and ended November at around $375 billion, a level that indicates continued market participation despite ongoing price pressures.

CryptoQuant found that Binance remained the dominant venue for Ethereum trading, and recorded approximately $198 billion in spot trading volume during November alone. This figure underscores Binance’s central role in real-time liquidity flows and its position as the leading platform for both institutional and retail traders executing high-volume transactions.

Data also shows that institutional interest played a meaningful role through regulated investment vehicles, with Ethereum spot ETFs registering about $35 billion in trading volume for the month. Such a level of ETF activity points to continued engagement from traditional market participants and adds an additional layer of “organized liquidity” to overall Ethereum market flows during the period.

Currently, Ethereum is seeing renewed confidence from large investors as whale activity increasingly leans toward long positions, according to Alphractal’s Whale vs Retail Delta metric. On the price front, ETH has climbed above $3,000. Despite remaining around 24% lower over the month, the asset’s recovery coincided with aggressive accumulation from major holders.

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As recently reported by CryptoPotato, wallets holding 10,000-100,000 ETH now control a record level of over 21 million ETH, while entities with over 100,000 ETH have expanded their balance to around 4.3 million ETH.

ETH Near Neutral Zone

Further analysis reveals that Ethereum is trading near fair-value territory, as important on-chain indicators point to a sensitive phase in the market. Ethereum’s Realized Price stands at $2,315 and an MVRV ratio of 1.27. This places the asset in a neutral zone where the market price sits just 27% above the Realized Price, which shows neither overbought nor oversold conditions.

Binance-specific data reflects an even sharper shift, as Ethereum’s MVRV ratio on the exchange hovers near 0.999, just below the historically important threshold of 1.0. A reading under 1 means that market capitalization is aligning with the Realized Price, pushing most investors into a “no-profit, no-loss” position. This zone has historically coincided with early market bottoms or extended periods of price weakness.

On the other hand, long-term MVRV readings above 3 typically correspond with overbought phases, while values below 1 indicate market troughs characterized by unrealized losses. The current ratio of 1.27 points to a balanced market structure with no strong signals of extreme valuation.

[PRESS RELEASE – Dubai, UAE, November 28th, 2025]

Avail Nexus goes live, connecting rollups, appchains, and dApps into one coordinated operational universe where liquidity, assets, and users move freely at scale.

Avail, a modular blockchain infrastructure provider building the foundations for the next generation of applications and appchains, announces the launch of Avail Nexus Mainnet, its breakthrough crosschain solution that unifies liquidity and user flows across major ecosystems, including Ethereum, TRON, Polygon, Base, Arbitrum, Optimism, HyperEVM, BNB, Scroll, Monad, Kaia, Solana (coming soon), and others.

The launch marks the first time Web3 has access to a coordinated, liquidity-aware crosschain network, bringing Avail’s long-stated vision of a connected onchain world into production. For users and developers, this unlocks something the industry has attempted for years but never achieved at scale: a single operational universe where applications and assets work across chains without fragmentation, friction, or duplicated effort.

A Major Shift in How the Onchain Economy Works

“The current blockchain fragmentation and siloed interactions across ecosystems have limited both the builder and user experience,” said Anurag Arjun, Co-Founder of Avail. “At Avail, we are transforming how blockchains interact. They can no longer be separate networks passing messages to each other; rather should function as integral parts of a unified, verifiable system where assets, users, and intended actions move freely. This fundamental shift, in how apps scale and modular stacks connect to the broader multichain world, is the future.”

Until now, crosschain has meant risky bridges, limited access, and fragmented liquidity across chains. Avail Nexus takes a different approach:

• An Intent–solver architecture allows users to express what they want to do; Avail Nexus determines how to do it, automatically finding the optimal route, liquidity source, and execution path.
• Multi-source liquidity allows a single transaction to draw funds from multiple chains simultaneously.
• Exact-Out execution ensures predictable outcomes regardless of where liquidity lives.
• Unified verification, coming soon, powered by Avail DA, for cross-chain actions backed by verifiable data.

This moves the blockchain environment from its current “moving messages between chains” to shared execution and shared liquidity; a fundamental upgrade in how the onchain economy functions.

User Experience Changes with Avail Nexus

Users gain for the first time

• A single experience across ecosystems (no bridging UX, no gas token hassles).
• Better prices and deeper liquidity through cross-chain aggregation.
• Faster, predictable execution coordinated across chains.
• Access to apps regardless of where they are deployed.

“This is a usability shift toward making Web3 for the real users of the next generation of consumer apps”, highlights Anurag Arjun, Co-founder of Avail.

Updates for Developers

Developers can integrate Nexus through SDKs, APIs, or lightweight Elements, enabling:

• One-time integration to unlock a multichain userbase
• Unified collateral pools that update across chains in real time
• Intent-based trading and strategy execution
• Cross-chain actions without managing bridges, routers, or complex infra.

This reduces the cost, time, and complexity of building multichain applications by an order of magnitude. And bolstered by Avail’s proven data availability expertise, the overall operational and functional experience remains robust, verifiable, and scalable. Avail DA, with its industry-defining Infinity Blocks roadmap targeting 10-GB block capacity, is soon set to enable builders to spin up independent appchains with massive throughput and finality while remaining connected to the broader ecosystem with verifiable cross-chain data. The $AVAIL token serves as the coordination asset and economic backbone for this unified onchain world.

“For builders, the complexity of cross-chain execution at scale has always been a major challenge. With Avail, that complexity disappears. Builders can focus on application logic while the infrastructure handles liquidity routing, verification, and execution under the hood, enabling truly composable and highly scalable apps and appchains. The overall result will be a smoother, more capital-efficient user experience where liquidity and execution no longer belong to individual blockchain environments; rather, they become network-wide resources”, explains Prabal Banerjee, Co-Founder of Avail.

Current Ecosystem Growth

Avail Nexus is launching with integrations live or underway across DeFi, infrastructure, SocialFi, AI, and cross-chain tooling. Ecosystem partners and projects, including Lens Protocol, Sophon, TRON, Space & Time, Lumia, Validium Network, Vanna Finance, Mace, Clober, Station X, Nexus AI, Bitte.ai, Neova, Gummee, Symbiotic, and more, are enabling powerful new use cases. Many integrations unlock use cases that were previously impossible or highly fragmented across chains, including unified collateral management for DeFi protocols, intent-based trading with execution across multiple liquidity venues, intelligent coordination layers for cross-chain data-driven actions, and multi-chain liquidity aggregation that allows assets on one chain to power opportunities on another.

Availability and Next Steps

With Nexus Mainnet now live:

• Developers can integrate through the Nexus SDK.
• Users will soon explore the first wave of Liquid Apps, applications going live on Avail Nexus, showcasing unified liquidity and opportunities at scale.
• Additional chain integrations and ecosystem expansions will roll out progressively.

About Avail

Avail shapes a new era for the onchain economy by transforming how users, apps, and liquidity move across chains. With Avail, both users and developers can access the entire onchain economy from anywhere, without worrying which chain assets or apps live on. Simply plug-in Avail to scale and instantly reach any asset on any chain. Founded by early members of Polygon and backed by Founders Fund, Dragonfly, Cyber Fund, and more, Avail is empowering users and builders to overcome the limitations of legacy blockchain infrastructure.

Users can learn more about Avail on Discord, X, Blog.