Corporate Ether Acquisitions Fall 81% as Top Holders Persist in Buying Amid Crypto Consolidation

• Ethereum treasury buys fell from 1.97 million ETH in August to 370,000 in November, signaling an unwinding trend.

• Key players continue accumulating despite the slowdown, including BitMine nearing 5% of ETH supply.

• Crypto lending market reached $25 billion in Q3 2025, up 200% year-to-date, led by transparent platforms like Tether and Nexo.

Explore the latest crypto weekly news: Ethereum acquisitions decline 81%, Citadel urges DeFi regulation, Arthur Hayes warns on Monad, and $25B lending boom. Stay informed on market shifts—discover key insights today.

What is happening with Ethereum corporate acquisitions in late 2025?

Ethereum corporate acquisitions have significantly declined, with monthly buys by digital asset treasuries dropping 81% over the past three months from August peaks. This unwinding reflects broader market caution, though major holders persist in building positions. Investors eye Federal Reserve moves for further direction amid Bitcoin’s stability above $90,000.

How has the Fear and Greed Index influenced crypto sentiment?

The Fear and Greed Index, tracked by CoinMarketCap, rose marginally from 20 to 25 this week, indicating persistent fear among investors despite Bitcoin’s hold above the $90,000 mark. This sentiment aligns with consolidation following recent recoveries, as traders brace for macroeconomic cues. Data from the index’s all-time chart shows volatility tied to policy expectations, with current levels suggesting caution rather than outright panic.

Cryptocurrency markets entered another week of sideways movement after last week’s rebound. Bitcoin maintained its position above the critical $90,000 threshold, a psychological barrier that has bolstered confidence. However, overall sentiment remains subdued, dominated by fear as measured by established metrics.

In the Ethereum ecosystem, the treasury trade strategy—where corporations and funds stockpile ETH as a reserve asset—shows signs of reversal. Monthly acquisitions by Ethereum digital asset treasuries plummeted from 1.97 million Ether in August to just 370,000 in November, per analysis from Bitwise, a prominent asset management firm. This 81% decline underscores a pullback in institutional enthusiasm, possibly due to market uncertainty and higher financing costs.

Fear & Greed index, all-time chart. Source: CoinMarketCap

Despite the broader slowdown, leading corporate holders have not relented. BitMine Immersion Technologies, the top institutional Ether accumulator, added approximately 679,000 ETH—valued at $2.13 billion—over the past month. This brings them to 62% completion of their ambitious goal to secure 5% of the total ETH supply, according to data from Strategicethreserve, a crypto analytics platform.

BitMine’s reserves include an additional $882 million in cash, positioning them for potential further purchases. Other firms are actively fundraising to sustain their ETH strategies, highlighting a divergence where whales dominate amid retail hesitation.

Source: Max Shennon

Top corporate Ether holders. Source: Strategicethreserve.xyz

Max Shennon, senior research associate at Bitwise, noted in a recent social media update, “ETH DAT bear continues,” emphasizing the persistent downward trend in treasury inflows. This observation aligns with expert views that short-term market dynamics are pressuring accumulation, though long-term ETH adoption in enterprise settings remains robust.

Market participants are also focused on the upcoming US Federal Reserve meeting on Wednesday, where interest rate decisions could shape 2026’s monetary landscape. Traders anticipate an 87% probability of a 25 basis point cut, up from 62% a month prior, based on CME Group’s FedWatch tool. Such a move could ease liquidity constraints, potentially reigniting treasury buys.

Interest rate cut probabilities. Source: CMEgroup.com

How is Citadel Securities influencing DeFi regulation?

Citadel Securities has sparked debate by advocating for stricter US Securities and Exchange Commission oversight of decentralized finance platforms offering tokenized stocks. In a letter to the SEC, the market maker argued against broad exemptions for DeFi developers, smart contract creators, and self-custody providers.

The firm contends that these entities function as exchanges or broker-dealers under existing securities laws when handling tokenized US equities. “Granting broad exemptive relief to facilitate the trading of a tokenized share via DeFi protocols would create two separate regulatory regimes for the trading of the same security,” Citadel stated, opposing a technology-neutral approach that could fragment markets.

This position, submitted in response to SEC solicitations on tokenized asset regulation, has elicited strong criticism from the crypto community. Advocates for blockchain innovation argue it stifles progress, while proponents see it as necessary for investor protection. The discourse underscores tensions between traditional finance and emerging DeFi paradigms.

Why is Arthur Hayes cautioning against Monad investment?

Veteran trader Arthur Hayes, former CEO of BitMEX, has labeled the newly launched layer-1 blockchain Monad a high-risk venture, predicting a potential 99% value crash. In a discussion on Altcoin Daily, Hayes critiqued its structure as a “high FDV, low-float VC coin,” where fully diluted value far exceeds circulating supply, inviting volatility from token unlocks.

Hayes explained that such projects often surge initially on hype before plummeting as insiders sell. “It’s going to be another bear chain,” he warned, noting that lasting success requires genuine adoption beyond venture capital backing. He forecasts survival for only a few layer-1s, including Bitcoin, Ether, Solana, and Zcash.

Monad, which secured $225 million from Paradigm last year, debuted its mainnet on Monday with a MON token airdrop. The token rose 40% post-launch, per CoinMarketCap data, but Hayes urges caution against chasing short-term gains in unproven ecosystems.

Monad’s MON token up 40% since launch. Source: CoinMarketCap

What drives the growth in the crypto lending market?

The crypto lending sector has surged to nearly $25 billion in outstanding loans by Q3 2025, a 200% increase since January, according to Galaxy Research. This marks the highest level since Q1 2022’s $37 billion peak, though transparency has improved markedly.

Platforms like Tether, Nexo, and Galaxy lead with clear reporting, a shift from opaque predecessors in earlier cycles. Alex Thorn, Galaxy’s head of research, highlighted this evolution in a recent statement, expressing pride in the sector’s maturity. New entrants have diversified offerings, enhancing stability and accessibility for borrowers and lenders alike.

The crypto lending landscape has seen many new platforms in the past three years. Source: Alex Thorn

How does Portal to Bitcoin’s new funding impact cross-chain trading?

Bitcoin-focused interoperability protocol Portal to Bitcoin raised $25 million in a funding round led by JTSA Global, following investments from Coinbase Ventures, OKX Ventures, and Arrington Capital. The capital supports the launch of an atomic over-the-counter trading desk for trustless, instant cross-chain settlements.

This service targets institutions and large holders, emphasizing Bitcoin as a settlement layer without bridges or wrapped assets. Founder and CEO Chandra Duggirala stated, “Portal provides the infrastructure to make Bitcoin the settlement layer for global asset markets, without bridges, custodians, or wrapped assets.” It builds on atomic swap technologies from projects like THORChain and Liquality, but prioritizes Bitcoin-centric OTC trades.

Portal to Bitcoin team members, from left to right: co-founder and chief technology officer Manoj Duggirala, founder and CEO Chandra Duggirala, and co-founder George Burke. Source: Portal to Bitcoin

Frequently Asked Questions

What caused the 81% decline in Ethereum corporate acquisitions?

The decline stems from market consolidation and heightened caution post-August peaks, with treasuries reducing buys from 1.97 million ETH to 370,000. Factors include fear-driven sentiment and awaiting Fed rate cuts, though top holders like BitMine continue accumulating strategically.

Is the crypto lending market more stable now than in 2022?

Yes, the $25 billion market in Q3 2025 benefits from greater transparency from leaders like Tether and Nexo, up 200% year-over-year. Unlike 2022’s opacity, current platforms emphasize clear data, reducing risks and fostering sustainable growth for users seeking yields.

Key Takeaways

• Ethereum Treasury Slowdown: Acquisitions fell 81% in three months, but whales like BitMine added $2.13 billion in ETH, signaling selective accumulation amid caution.
• Regulatory Tensions: Citadel’s push for DeFi oversight on tokenized stocks highlights conflicts between innovation and protection, drawing community backlash.
• Lending Market Boom: $25 billion in loans reflect matured, transparent platforms—monitor for Fed impacts on further expansion.

Conclusion

This week’s Ethereum corporate acquisitions decline and broader crypto market consolidation underscore a cautious phase, balanced by resilient sectors like lending and Bitcoin interoperability. As Federal Reserve decisions loom, opportunities in transparent platforms and established assets persist. Stay vigilant for 2026 trends to navigate evolving dynamics effectively.

Total value locked in DeFi. Source: DefiLlama