VanEck Releases Critical Report Discussing Bitcoin, Ethereum, Solana, and Tron

Asset management giant VanEck has published its cryptocurrency market report for September 2025.

The report noted that Digital Asset Treasuries (DAT) holdings have reached approximately $135 billion, with institutional investors, in particular, continuing to accumulate and stake ETH. VanEck noted that this creates a dilution risk for investors outside of staking.

The report also touched on Ethereum's upcoming Fusaka upgrade in December. This update is expected to reduce Layer-2 rollup costs by increasing blob capacity and improve network efficiency by allowing nodes to perform block validation using probabilistic sampling.

According to VanEck's report, 23 of the 35 major tokens closed the month lower. Bitcoin (BTC) rose 5%, while Ethereum (ETH) fell 5%. The overall decline in market volatility has dampened both price action and blockchain revenue, causing stagnation in the sector.

According to the report, blockchain revenues fell by 16% month-over-month:

• Ethereum revenues: -6%
• Solana revenues: -11%
• Tron revenues: -37%

VanEck stated that the primary reason for this decline was the decrease in market volatility. In September, volatility fell by -40% for ETH, -26% for BTC, and -16% for SOL.

While decentralized spot exchange (DEX) volumes remained at August levels of approximately $365 billion, futures volumes increased by 30%. Much of this increase was driven by the token launch of the Aster platform within a certain ecosystem and incentivized trading pairs.

Top performing tokens in September:

• Mantle (MNT): +53%
• Avalanche (AVAX): +24%
• BNB: +16%

The weakest performers are:

• Polygon (POL): -19%
• Arbitrum (ARB): -17%
• Toncoin (TON): -14%

VanEck noted that since 2016, September has generally been marked by negative returns. On average, Bitcoin loses 3% of its value in September, while Ethereum loses 7%. The year 2025 is no exception to this historical trend.