Ethereum treasury purchases experienced a significant decline in November, dropping 81% to 370,000 ETH from August's peak of 1.97 million ETH, according to Bitwise data. Max Shannon of Bitwise highlighted that this reduction follows a historical pattern of capital shifting to alternative investments during market cycles. Smaller treasury firms are facing challenges as premiums compress and purchasing power diminishes, while Bitmine, under Tom Lee's leadership, remains a dominant force with over 3.73 million ETH. Shannon cautioned that a continued decrease in treasury buying could lead to the disappearance of the structural bid for Ether.