Is the treasury company model collapsing? Data shows that in November this year, these institutions only accumulated 370,000 ETH, a sharp drop of 81% compared to the frenzy in August when they hoarded 1.97 million ETH. An analyst from a certain asset management institution gave a straightforward interpretation: funds are starting to flow elsewhere, and the premium space has been squeezed tightly—this strategy is barely holding up. From nearly 2 million to just over 300,000 in three months, such a drastic evaporation of purchasing power suggests either there's a problem with available funds, or confidence in ETH is starting to waver.