Ethereum’s largest buyers are consistently increasing their ETH holdings, even as the dollar value of these purchases has decreased. On-chain flows and Decentralized Autonomous Organizations (DAOs) demand continue to absorb more supply than the market is creating. Simultaneously, a recent breakout in the Relative Strength Index (RSI) suggests that momentum may soon translate into price appreciation.
Bitmine's ETH Buys Slow in Dollar Terms as Monthly Totals Drop Sharply
Bitmine continues to expand its Ethereum holdings, but the dollar value of these acquisitions is showing a clear downward trend. The latest data illustrates steady hourly inflows into Bitmine's treasury, while broader market downturns are reducing the dollar impact of these purchases. As prices eased from mid-November, each accumulated tranche of ETH represented a smaller monthly total in dollar terms.
The decline is evident when comparing recent monthly figures. In July, Bitmine added approximately 2.6 billion dollars' worth of Ethereum. August saw a peak of nearly 4.3 billion dollars, marking the strongest month in the observed period. However, this momentum reversed in September with 3.4 billion dollars, followed by 2.3 billion dollars in October. By November, the monthly value had fallen to just 892 million dollars, despite Bitmine's consistent purchasing activity.
These figures indicate that Bitmine's accumulation strategy has remained consistent, but market conditions have shifted. As ETH prices moved lower, the same inflow volumes resulted in lower valuations. Consequently, the firm's increasing on-chain balances now stand in contrast to the sharp decline in monthly dollar totals, highlighting how price pressure has reshaped the scale of its treasury expansion.
ETH DAT Buying Outpaces New Supply Even as Monthly Totals Decline
Furthermore, demand for ETH from Decentralized Autonomous Organizations (DAOs) remains robust, though recent figures indicate a steady decrease in monthly purchase volumes. Data highlights that DAOs continue to provide a structural bid for Ethereum, but the extent of this support has weakened since its summer peak.
In July, DAOs absorbed approximately 1.24 million ETH, while the net new supply remained close to 80,000 ETH. August marked the highest point, with roughly 1.97 million ETH purchased, significantly exceeding the modest monthly issuance. Following this surge, buying activity began to slow. September recorded around 1.06 million ETH, followed by 670,000 ETH in October. By November, purchases had decreased to approximately 370,000 ETH, even as the net new supply stayed anchored at about 80,000 ETH per month.
This pattern demonstrates that DAO demand still significantly exceeds Ethereum's new supply. However, the progressive decline in monthly inflows underscores how the pace of accumulation has cooled since late summer, resulting in a narrower gap between buyer demand and circulating issuance.
Analyst Flags Ethereum RSI Breakout as Price Compresses Near Support
Meanwhile, Ethereum's momentum indicators are showing an upward trend, even as the price is trading within a tight consolidation pattern. On the two-day ETH/USD chart, price action is clustered just above horizontal support, while a descending trendline caps recent highs, forming a compression zone.
Concurrently, the relative strength index (RSI) has already broken through its own downward resistance, suggesting that buying pressure may be returning ahead of price movement. Analysts have indicated that "momentum leads, price follows" and have pointed to 3,400 dollars as the next potential upside target if the breakout continues. They are urging market observers to monitor Ethereum closely as it approaches the apex of its current chart pattern.