Ethereum News Today: Traders Cash in on ETH Volatility as DAT Buying Sours and Price Dips 16%

A trader leveraged 10x to go long on Ethereum (ETH), generating a floating profit of over $578,000 in just 20 minutes. The move highlights the intense volatility and potential for rapid gains in crypto markets, especially with leverage. It also underscores how structural shifts in the Ethereum ecosystem can create sharp price swings.

Ethereum digital asset treasuries (DATs) saw a sharp decline in buying activity in November 2025, with only 370,000 ETH purchased, an 81% drop from the August peak. This marks a significant slowdown from earlier in the year when companies were aggressively accumulating the asset. The trend has raised concerns about the structural support for ETH's price.

BitMine Immersion remains the top Ethereum holder, with 3.73 million ETH in its treasury. The company expanded its lead in November by acquiring an additional 96,798 ETH. This comes as analysts warn that falling mNAVs and slower purchases could undermine Ether's structural bid, despite the ongoing staking advantages.

How Markets Reacted

Ethereum's price declined 16% from a high of $3,656 during November, coinciding with the slowdown in DAT activity. The drop in institutional buying could signal a shift in investor sentiment, especially after months of aggressive accumulation. Bitwise senior research associate Max Shannon noted the pattern resembles previous altcoin season cycles, with a reversal now in play.

The structural bid for Ether depends on the net difference between DAT purchases and new ETH supply remaining positive according to analysis. With the monthly issuance of around 80,000 ETH, and DAT buying volumes collapsing, the balance could soon tip into negative territory. This could weaken the price floor for Ether and lead to further downward pressure.

What Analysts Are Watching

Standard Chartered's global head of digital assets research, Geoff Kendrick, argues that DATs must maintain an mNAV above 1 to continue purchasing ETH sustainably. He pointed out that these companies now hold significant stakes in major cryptos, with 8% of BTC, 4.74% of ETH, and 2.98% of SOL. Their actions are expected to have a direct impact on price movements.

Kendrick also emphasized that ETH and Solana (SOL) DATs have a staking advantage over Bitcoin-focused firms. The ability to generate yield from native staking returns could make these treasuries more resilient in the long term. BitMine's Tom Lee estimates that staking yield alone could add 0.6 to ETH DAT mNAVs.

Despite these advantages, the current trend of declining purchases and falling mNAVs raises questions about the sustainability of the DAT model. If the net demand for ETH continues to decline, the structural support that has kept prices elevated could erode. This could force some companies to shift strategies or reduce their exposure to Ethereum.

Risks to the Outlook

The slowdown in DAT buying coincides with broader economic and regulatory pressures across the crypto space. While Ethereum remains a key platform for decentralized applications and staking, its dominance is being challenged by emerging competitors and shifting investor priorities.

The recent regulatory developments and macroeconomic shifts also play a role in investor behavior. With global markets adjusting to higher interest rates and tighter monetary policy, crypto investors are likely to adopt a more cautious stance. This could limit the appetite for leveraged trades and high-risk positions, even in a bullish market environment.

For now, the ETH DAT bear continues, but whether this trend is temporary or a sign of a longer-term shift remains to be seen. Investors will be watching for signs of renewed buying activity or regulatory clarity that could spark a rebound.