Bitcoin Treasuries Drive $1.06B Inflows as DAT Growth Slows in November

November 2025 marked a pronounced cooling in the corporate digital asset treasury (DAT) boom, with the sector experiencing its slowest month of the year. According to data from aggregator DefiLlama, total inflows into DATs amounted to just $1.32 billion. This figure represents a steep 34% decline from the $1.99 billion recorded in October and a dramatic 88% plunge from September’s staggering $11.55 billion in inflows.

The sharp drop from September’s peak suggests the initial wave of aggressive corporate adoption may be maturing. The data indicates a shift from the frenetic accumulation seen earlier in the year to a more measured pace, potentially reflecting market consolidation, strategic reassessment by corporate treasuries, or a response to broader macroeconomic conditions. The slowdown underscores the volatile and evolving nature of corporate crypto strategy.

Despite the overall sector slowdown, Bitcoin (BTC) remained the undisputed leader for corporate treasury allocations. Bitcoin-focused DATs attracted $1.06 billion in November inflows, constituting the vast majority of the month’s total activity. This dominance was driven by two major corporate purchases.

Strategy led the charge with a substantial $835 million Bitcoin purchase on November 17. This was followed by Metaplanet, which added $130 million worth of BTC to its treasury on November 25. These two transactions alone accounted for over $965 million, highlighting how large, single-entity moves can disproportionately influence monthly inflow figures. The continued focus on Bitcoin reinforces its status as the primary reserve asset for corporate crypto strategies, prized for its relative market maturity and liquidity.

The narrative for other major digital assets was mixed. XRP (XRP) emerged as a distant second to Bitcoin, securing $214 million in treasury inflows for the month. This activity suggests sustained, albeit more niche, corporate interest in assets beyond Bitcoin.

In contrast, Ether (ETH) presented a more complex picture. The asset experienced net outflows of $37 million from digital asset treasuries in November. This occurred despite reported continued accumulation by the entity BitMine, indicating that selling or reallocation by other treasury holders outweighed this buying activity. The Ether outflows point to diverging strategies within the corporate sector, with some entities potentially taking profits, rebalancing portfolios away from ETH, or expressing caution amid its evolving ecosystem developments.

The November data from DefiLlama paints a clear picture of a sector in transition. The explosive growth seen in prior months has given way to a period of consolidation. While Bitcoin continues to attract significant capital from high-profile companies like Strategy and Metaplanet, the dramatic overall decline in inflows signals a potential inflection point.

This slowdown does not necessarily indicate a loss of long-term corporate interest in digital assets. Instead, it may reflect a natural maturation process, where early adopters have made their initial allocations and the market awaits the next wave of entrants or a new catalyst for treasury deployment. The contrasting flows between Bitcoin, XRP, and Ether further illustrate that corporate treasury strategies are becoming more nuanced, moving beyond blanket adoption to selective asset accumulation based on specific risk-return profiles and strategic goals.