The purchasing power of the Ethereum treasury (DAT) has recently experienced a sharp fall.

Data from November shows that these treasuries only bought 370,000 Ether—compared to the crazy purchase of 1.97 million in August, this represents a direct evaporation of 81%. Originally, everyone hoped that the treasury model could uphold the baton of the "altcoin season" in this round, but it seems that this wave of enthusiasm is rapidly cooling down.

Worse still, mNAV (market net asset value) continues to be under pressure, further shrinking the willingness to purchase. Smaller treasury funds are even worse off, as funding channels have been cut off, falling into a typical death spiral: unable to buy → valuations fall → even fewer investors → continue to be unable to buy.

The pace at which the narrative of financial reserves is retreating is much faster than many people had anticipated.