VanEck’s September 2025 Crypto Market Report: Digital Asset Treasuries Hit $135 Billion Amid Volatility Decline
Institutional Investors Continue ETH Accumulation as Market Faces Traditional September Slump
Asset management giant VanEck has released its comprehensive cryptocurrency market report for September 2025, revealing significant trends across the digital asset landscape. The report highlights the continued growth of Digital Asset Treasuries (DAT), which have now reached approximately $135 billion, with institutional investors showing particular interest in accumulating and staking Ethereum. This growing trend of institutional staking creates what VanEck describes as a “dilution risk” for investors who remain outside the staking ecosystem, potentially reshaping investment strategies in the Ethereum network.
The September report comes during what has historically been a challenging month for cryptocurrency performance, and 2025 has proven no exception to this pattern. According to VanEck’s analysis, 23 of the 35 major tokens closed the month lower than where they began, continuing a trend that has persisted since 2016. Bitcoin managed to buck this trend with a modest 5% gain, while Ethereum declined by 5%, aligning with historical averages that show Bitcoin typically loses 3% and Ethereum loses 7% during September. This seasonal effect continues to influence market dynamics, though the specifics of each year’s performance reflect unique market conditions and technological developments.
Ethereum’s Fusaka Upgrade and Blockchain Revenue Decline Reflect Evolving Ecosystem
Looking forward, the report dedicates significant attention to Ethereum’s upcoming Fusaka upgrade scheduled for December 2025. This highly anticipated update promises to substantially reduce Layer-2 rollup costs by increasing blob capacity, while simultaneously enhancing network efficiency through a revolutionary approach to block validation. The new validation system will utilize probabilistic sampling, allowing nodes to validate blocks more efficiently, potentially addressing one of the network’s persistent challenges. These technical improvements come at a critical time for Ethereum, as the network faces competition from alternative blockchains and pressure to reduce transaction costs.
The broader blockchain landscape has experienced a notable revenue decline, with overall blockchain revenues falling by 16% month-over-month. Ethereum’s revenue dropped by 6%, while Solana saw an 11% decrease, and Tron experienced a more substantial 37% decline. VanEck attributes this widespread revenue reduction primarily to decreased market volatility, with volatility metrics showing significant reductions across major assets: -40% for ETH, -26% for BTC, and -16% for SOL. This volatility decline has created a challenging environment for revenue generation across the blockchain sector, contributing to what the report describes as market “stagnation” despite ongoing technological advancements and institutional interest.
DEX Volumes Steady While Futures Trading Surges, Led by Binance Ecosystem
While decentralized spot exchange (DEX) volumes maintained August levels at approximately $365 billion, the futures market showed remarkable growth with a 30% increase in trading volume. This significant uptick in futures trading was largely driven by the launch of the Aster platform within the Binance ecosystem, along with incentivized trading pairs that attracted substantial trader participation. The contrast between stable spot trading and growing futures volume suggests a shift in trader behavior toward more speculative positions, possibly reflecting uncertainty about market direction amid declining volatility.
The differential performance across various blockchain ecosystems reveals important insights about market sentiment and technological adoption. September’s top performers included Mantle (MNT) with an impressive 53% gain, Avalanche (AVAX) increasing by 24%, and Binance Coin (BNB) rising 16%. These standout performers demonstrate the market’s continued interest in scalable Layer-1 solutions and established exchange tokens. In contrast, the weakest performers included Polygon (POL) with a 19% decline, Arbitrum (ARB) dropping 17%, and Toncoin (TON) falling 14%. This performance divergence highlights how different blockchain ecosystems are navigating the current market conditions, with some gaining momentum despite the generally bearish September environment.
Institutional Staking Strategies Create New Market Dynamics as DAT Holdings Grow
The growth of Digital Asset Treasuries to $135 billion marks a significant milestone in cryptocurrency’s institutional adoption journey. VanEck’s report emphasizes that institutional investors are not simply holding Ethereum but actively participating in staking—a trend that creates complex implications for the broader market. The report suggests that this institutional staking behavior creates a dilution effect for non-staking investors, as the additional ETH rewards generated through staking effectively increase the circulating supply for those not participating. This dynamic could potentially create two tiers of Ethereum investors: those receiving staking rewards and those experiencing relative dilution of their holdings.
The patterns observed in September 2025 reflect both seasonal trends and fundamental shifts in the cryptocurrency ecosystem. The historical September performance pattern continues to hold true, yet the underlying market structure shows evolution with institutional participation reaching new heights. The combination of technological developments like Ethereum’s Fusaka upgrade, changing trading behaviors evidenced by futures volume growth, and the expansion of institutional staking strategies signals an industry in transition. As market participants digest VanEck’s comprehensive analysis, attention turns to whether October will bring the traditional relief historically seen after September’s typically negative performance, or if the current market dynamics will establish new patterns in the final months of 2025.
This article is for informational purposes only and does not constitute investment advice.
