Bitcoin Treasury Inflows Hit $1.06B in November as Ether Sees Outflows: A Deep Dive into the Corporate Crypto Slowdown

Introduction: A Month of Divergence in Digital Asset Treasuries

November 2025 marked a significant inflection point for the corporate digital asset treasury (DAT) sector. According to data from aggregator DefiLlama, the month saw the slowest pace of inflows all year, with just $1.32 billion added to corporate crypto balances. This figure represents a stark 34% decline from October’s $1.99 billion and a dramatic 88% drop from September’s towering $11.55 billion in inflows. Within this broader slowdown, a clear narrative of divergence emerged: Bitcoin (BTC) solidified its role as the primary corporate reserve asset with $1.06 billion in net inflows, while Ether (ETH), the leader for the preceding three months, experienced net outflows of approximately $37 million. This shift occurred alongside a severe correction in the stock prices of publicly traded DAT companies, prompting industry leaders to forecast a new phase of sharper differentiation within the sector.

Analyzing the November Slowdown: The End of a Boom Cycle?

The data presents a unambiguous cooling trend. The drop from $11.55 billion in September to $1.32 billion in November is not merely a monthly fluctuation but suggests a potential maturation or pause in the aggressive corporate accumulation phase that characterized much of 2025. Several factors could contextualize this slowdown, including macroeconomic shifts, profit-taking after substantial rallies, or a strategic reassessment by corporate treasuries following increased regulatory scrutiny or market volatility. While the provided data does not specify causes, the scale of the decline indicates a sector potentially moving from explosive growth to a more measured, selective phase of investment. This period may separate companies making tactical allocations from those committed to long-term crypto treasury strategies.

Bitcoin Reclaims the Throne: Strategy and Metaplanet Lead $1.06B Inflow

Despite the overall sector cooldown, Bitcoin demonstrated resilient demand from major corporate players. The $1.06 billion in BTC inflows accounted for the vast majority of all DAT activity in November. This resurgence was primarily driven by two key entities:

• Strategy: The sector’s largest DAT executed a massive purchase of $835 million in Bitcoin on November 17. This move reaffirmed the company’s foundational thesis, even as its stock price faced significant headwinds.
• Metaplanet: The Japanese firm continued its well-publicized accumulation strategy, adding $130 million in BTC on November 25.

These substantial inflows underscore Bitcoin’s enduring appeal as a primary treasury reserve asset for corporations, often cited for its liquidity, brand recognition, and perceived role as "digital gold." The actions of Strategy and Metaplanet highlight a continued conviction among some market leaders, even amidst broader sector weakness.

Ether's Surprising Reversal: From Leader to Laggard with $37M Outflows

In a notable reversal, Ether (ETH) DATs saw net outflows of about $37 million in November. This is particularly striking given that Ether had "led the last three months in DAT inflows," according to DefiLlama. The outflows suggest a rotation away from ETH by certain treasury managers or the realization of gains after its prior outperformance. Interestingly, this trend occurred even as "BitMine Immersion Technologies, the leading ETH DAT, continued to add to its stack throughout the month." This indicates that selling pressure from other ETH treasury holders outweighed BitMine’s continued accumulation, pointing to a lack of unified strategy across Ether-focused corporates compared to the more concerted buying seen in Bitcoin circles.

DAT Stocks Under Pressure: A Market-Wide Correction Unfolds

Parallel to the slowdown in token inflows, equities of publicly traded DAT companies faced a severe sell-off in November. Major stocks underperformed significantly:

• Strategy: The bellwether DAT saw its stock price fall 35.23% over the month, dropping from $264.67 on November 3 to $171.42.
• Metaplanet: The Japanese accumulator slid 20.67%, falling from 450 Japanese yen ($2.89) to $2.29.
• Ether-Focused DATs: BitMine dropped 32.48% (from $42.86 to $28.94), while Sharplink Gaming shed 26.66% (from $13.09 to $9.60).
• Solana-Focused Forward Industries: This company suffered the largest percentage loss, plummeting 43% from $13.91 to $7.86. CoinGecko data noted that Forward Industries has "unrealized losses of $712.52 million from its Solana purchases."

This correlated downturn suggests the market is treating DAT equities as a high-beta sector, heavily exposed to crypto asset volatility and sentiment shifts.

Sector Leadership and Sentiment: Resolve Amidst the Downturn

Despite precipitous stock declines, key figures maintained a steadfast public stance. Michael Saylor, chairman of Strategy, "continued to show his resolve on social media, saying he ‘won’t back down’ from the Bitcoin bet." This sentiment echoes historical patterns where Strategy has doubled down on its strategy during market weakness, viewing downturns as accumulation opportunities rather than existential threats. Such statements are aimed at reinforcing investor confidence in the company’s long-term thesis, irrespective of short-term equity price movements.

The Path Forward: A Phase of Sharper Differentiation

The synchronized movement of DAT stocks may be entering a new phase. Matt Hougan, Bitwise chief investment officer, observed that "the last six months showed that DATs tend to move in lockstep, rising and falling together." However, he expects this phase to end, arguing that "going forward, the market will reward companies that employ coherent strategies and demonstrate real execution."

Hougan predicts the sector is "heading to a sharper differentiation where a handful of DATs will earn durable premiums while others may drift into persistent discounts." This implies that investors will increasingly scrutinize individual company strategies—such as balance sheet management, hedging practices, operational use of crypto assets, and transparency—rather than treating all DATs as a monolithic investment bet on crypto prices.

Strategic Conclusion: Reading the Signals in a Cooling Market

November 2025 served as a clarifying month for the digital asset treasury landscape. The dramatic slowdown in overall inflows suggests the initial wave of corporate adoption may be giving way to a more strategic and selective era. The clear divergence between Bitcoin inflows and Ether outflows highlights how different crypto assets can play distinct roles in corporate treasury strategies, with Bitcoin currently retaining its premier status as a macro reserve holding.

The severe correction in DAT equities underscores their inherent volatility and tight correlation with underlying crypto markets. However, as Matt Hougan notes, the future likely holds greater differentiation. Investors and observers should now watch for which companies can articulate and execute beyond simple asset accumulation—focusing on treasury management sophistication, capital allocation discipline, and tangible integration of blockchain technology into their business models.

The coming months will test whether leaders like Strategy and Metaplanet can maintain their accumulation pace and whether ETH-focused treasuries can regain inflow momentum. The key metric to watch is no longer just the gross inflow number but the quality and strategy behind each corporate move, as the DAT sector evolves from a speculative trend into an established component of modern corporate finance.

Source data for this analysis was provided by DefiLlama, Google Finance, Strategic Solana Reserve, and CoinGecko.