Crypto Market Report: Treasuries Hit Record $135 Billion

Crypto treasuries or Digital asset treasuries (DATs) continued to expand in September 2025, reaching an estimated $135 billion in holdings, according to a new report by VanEck.

Meanwhile, the crypto market lost momentum in September as late-month selloffs wiped out earlier gains where out of 35 major tokens, 23 ended the month lower, reflecting a broad pullback across the sector.

Another key takeaway from VanEck’s September report is the growing popularity of perpetual DEX platforms which were able to capture 32% of total blockchain fees and recorded a 30% uptick in perpetual futures volumes.

Crypto Treasuries Now Command $135B : VanEck Report

According to VanEck’s latest report, Digital asset treasuries (DATs) expanded in September 2025 to approximately $135 billion in total holdings.

The report highlighted that Michael Saylor’s MicroStrategy (MSTR) commands more than half of these assets (around 53%).

Interestingly, some of these entities are now trading above the market value of their underlying assets, a sign that investors are placing a premium on companies seen as capable of sustainably increasing digital asset holdings over time.

To fund these purchases, many firms are turning to securities linked to their own stock volatility, a strategy that reflects both growing confidence and rising complexity in how digital exposure is being built.

Perpetual DEX Platforms Captured 32% of Total Blockchain Fees

Perpetual trading is quickly becoming the fastest growing sector across crypto and decentralized finance, with two platforms Hyperliquid and Aster  accounting for nearly one-third of all blockchain fee revenues, around 32%.

According to VanEck, Hyperliquid (HYPE) edged up 1.5% in September, taking a breather after an impressive year-to-date surge of 88%, one of the strongest performances among the top 100 cryptocurrencies.

Meanwhile, Aster (ASTER) drew significant attention with the launch of its new token on September 17, which has soared an astonishing 1,667% since debut.

Crypto Markets & Blockchain Fees Lost Steam in September

Crypto markets lost steam in September as a wave of late-month selloffs erased earlier gains, VanEck data showed.

Out of 35 major tokens, 23 ended the month lower, signaling a cooling trend after several months of momentum.

Bitcoin managed to hold its ground with a 5% gain, while Ether slipped 5%, reflecting a mixed tone across leading assets.

The report also pointed to a broad slowdown in blockchain activity.

Overall network revenues declined 16% month-over-month, marking one of the steepest drops this year.

Ethereum’s revenue fell 6%, Solana’s slid 11%, and Tron’s plunged 37%, a result partly tied to a new governance proposal that slashed transaction fees.

Experts said the pullback was largely driven by falling volatility across major assets, down 40% for Ether, 26% for Bitcoin, and 16% for Solana, leaving traders with fewer incentives to pay high priority fees.

Blob Activity Hit New Milestone for the First Time Since the Dencun Upgrade

The report also showed that average blob usage on Ethereum has hit the six-blob target for the first time since the Dencun upgrade went live in March 2025.

This milestone, according to VanEck,  reflects growing demand for efficient data storage and signals a major step in Ethereum’s ongoing shift toward rollup-based scaling.

The network initially launched Dencun with a modest limit of three blobs per block, but developers raised the ceiling to six in May after confirming stable performance.

Since then, Layer 2 rollups have steadily filled the additional capacity, underscoring the appetite for cheaper data availability.

Meanwhile, recent figures also revealed that Coinbase’s Base and Worldcoin’s World Chain together now account for roughly 60% of all Layer 2 data submissions to Ethereum.