Ethereum’s largest buyers keep adding to their ETH stacks even as the dollar value of those purchases shrinks. On-chain flows and DAT demand still absorb more supply than the market creates, while a fresh RSI breakout suggests momentum may soon spill into price. Bitmine’s ETH Buys Slow in Dollar Terms as Monthly Totals Drop Sharply Bitmine keeps increasing its Ethereum holdings, yet the value of those purchases shows a clear downward trend. The latest chart shared by Maartunn illustrates steady hourly inflows into the treasury while the broader market downturn reduces their dollar impact. As prices eased from mid-November, each tranche of accumulated ETH translated into a smaller monthly total. Bitmine Ethereum Treasury Inflows. Source: CryptoQuant / X The decline becomes evident when comparing recent figures. July saw Bitmine add about 2.6 billion dollars’ worth of Ethereum. August then peaked near 4.3 billion dollars, marking the strongest month in the period. However, the momentum reversed in September with 3.4 billion dollars, followed by 2.3 billion dollars in October. By November, the monthly value fell to just 892 million dollars, even though Bitmine continued buying consistently. These numbers show that Bitmine’s accumulation strategy has not changed, but market conditions have. As ETH prices moved lower, the same inflow volumes produced smaller valuations. Therefore, the firm’s rising on-chain balances now contrast with the sharp slide in monthly dollar totals, signaling how price pressure has reshaped the scale of its treasury expansion. ETH DAT Buying Outpaces New Supply Even as Monthly Totals Decline Moreover, ETH demand from DAT structures remains strong, yet the latest figures show a steady drop in monthly purchase volumes. The chart shared by Max Shannon highlights that DATs continue to provide a structural bid for Ethereum, though the scale of that support has weakened since the summer peak. ETH Purchases vs Net New Supply. Source: Bitwise / X In July, DATs absorbed about 1.24 million ETH while net new supply held near 80,000 ETH. August marked the high point with roughly 1.97 million ETH purchased, again far above the modest monthly issuance. After that surge, buying slowed. September recorded around 1.06 million ETH, followed by 670,000 ETH in October. By November, purchases slipped to roughly 370,000 ETH even as net new supply stayed anchored at about 80,000 ETH each month. This pattern shows that DAT demand still exceeds Ethereum’s new supply by a wide margin. However, the progressive decline in monthly inflows underscores how the pace of accumulation has cooled since late summer, leaving a narrower cushion between buyer demand and circulating issuance. Analyst Flags Ethereum RSI Breakout as Price Compresses Near Support Meanwhile, Ethereum chart from trader Merlijn shows momentum indicators turning higher even as price trades inside a tight triangle. On the two-day ETH/USD view, candles cluster just above horizontal support while a descending trendline caps recent highs, forming a compression zone. Ethereum RSI Breakout Signal. Source: Merlijn The Trader At the same time, the relative strength index has already broken its own downward resistance, hinting that buying pressure may be returning ahead of price. Merlijn wrote that “momentum leads, price follows” and pointed to 3,400 dollars as the next upside level if the breakout extends. He added that “the move is brewing,” urging market watchers to monitor Ethereum closely as it approaches the apex of the current pattern.
