Bitwise Asset Management has reported a significant shift in digital asset treasuries (DATs) towards Ether (ETH), marking its rise as a mainstream treasury asset. The report highlights that structural demand for ETH now surpasses its net new supply, fueled by transaction fees and maximal extractable value (MEV). This trend is supported by diverse treasury strategies, including corporate accumulation, staking, and ecosystem funding. The report also notes that BitMine Immersion Technologies, chaired by Tom Lee, has acquired control of over 2% of ETH's supply, raising $365 million to further expand its holdings. Bitwise anticipates a consolidation in the DAT landscape, with major players expected to dominate the market flows.