Bitwise reports a significant decline in Ethereum treasury purchases, with only 370,000 ETH acquired in November, marking an 81% drop from the August peak of 1.97 million ETH. This downturn signals a rapid retreat from the previously anticipated "altcoin season" treasury model. Bitwise highlights that the continued pressure on mNAV and weakened purchasing power have driven smaller treasuries into a financial death spiral. The firm warns that if buying interest continues to wane, Ethereum's structural demand could vanish, indicating that the "tide has already begun to recede."