Crypto Markets Cooled Off in September as Perpetual DEXs and DATs Steal the Spotlight-VanEck Report

Key Takeaways

• The crypto market slipped in September, with most major tokens declining; BTC rose by 5%, while ETH fell by 5%.

• DAT assets hit $135B but face sustainability challenges in a low-vol environment.

• Perpetual DEXs, such as Aster and Hyperliquid, surged, now accounting for 32% of blockchain fees.

Crypto market slips in September

September proved to be a challenging month for most digital assets and the broader crypto market. According to the VanEck report, out of the 35 primary tokens tracked, 23 finished the month in the red, reversing gains made earlier in the month. Bitcoin managed to hold firm, posting a 5% return, while Ethereum declined 5%, underperforming after two months of substantial gains.

This weakness fits a familiar seasonal pattern. Since 2016, September has historically been one of the weakest months for the cryptocurrency market, with Bitcoin and Ethereum delivering negative average returns of –3% and –7%, respectively. Both assets had posted positive returns in the previous two Septembers, but broader market conditions, reduced volatility, and late-month selloffs brought momentum to a halt this year.

Source: VanEck

The MarketVector Smart Contract Leaders Index ended September roughly flat, while meme coins and infrastructure tokens underperformed. At the same time, BNB stood out with a +16% gain, driven by vigorous activity on Binance’s new perpetual DEX “Aster” and excitement around Plasma’s $10B stablecoin chain launch and massive airdrop campaign.

Volatility Drop Hits Blockchain Revenues

One of the most notable on-chain trends in September was a sharp decline in blockchain revenues, which fell 16% month-over-month. Ethereum’s revenue dropped by 6%, Solana’s by 11%, and Tron’s collapsed by 37%, partly due to governance-driven fee cuts.

Source: VanEck

The key reason behind this revenue slowdown was a broad decline in market volatility. Bitcoin’s 30-day volatility fell by 26%, Ethereum’s by 40%, and Solana’s by 16% in September. With fewer sharp price moves, arbitrage opportunities decreased, leading to lower transaction fee pressure across networks. Tron’s case was unique; transaction fees were more than halved through Proposal #104, accelerating the decline.

DAT Boom Continues, But Sustainability Is a Question

Digital Asset Treasuries (DATs) were another central theme in September. These entities, such as Bitmine and MicroStrategy, collectively hold approximately $135 billion in digital assets, with more than half of this amount concentrated in MSTR—DATs, which increase per-share exposure to crypto by selling securities and volatility-linked instruments, often at steep discounts.

Source: VanEck

For example, Bitmine recently sold common shares bundled with deeply discounted warrants, effectively underpricing volatility by around 75%. This aggressive financial engineering has worked well during periods of strong fluctuations. Still, it also exposes these entities to a key risk: if volatility continues to fall, their ability to raise capital to buy more crypto weakens.

Several DATs already trade below their modified net asset value (mNAV). If the market remains subdued, more may resort to selling options to generate income, a trend that could further compress implied volatility and reduce their growth capacity.

Perpetual DEXs Surge, Dominating Blockchain Fees

While most sectors cooled off, perpetual futures DEXs were the clear winners of September. Trading volumes for perps jumped +30% month-over-month, with Aster and Hyperliquid capturing roughly one-third (32%) of all blockchain fees.

Hyperliquid, a high-performance layer-1 exchange, has gained massive traction by running a fully on-chain order book, a significant upgrade over earlier AMM-based perp DEXs. Its model delivers a centralized-exchange trading experience while remaining non-custodial, which has fueled rapid adoption and revenue growth.

Meanwhile, Aster burst onto the scene after launching its ASTER token in mid-September. Backed by CZ’s YZi Labs and hosted on BNB Chain, Aster rolled out a massive incentive program worth about $524 million, driving volumes and fees to record highs. The token rallied +1,667% after launch, briefly making Aster the top fee generator in crypto. However, much of its activity appears to be airdrop farming and wash trading, with its open interest still just one-eighth of Hyperliquid’s.

The battle between Aster and Hyperliquid will define the next phase of decentralized derivatives. Hyperliquid leads in organic liquidity and infrastructure, while incentives power Aster’s rapid rise. Whether Aster can sustain its momentum after incentives taper off remains to be seen.

Looking towards October

September highlighted a divergence between market prices and on-chain activity. While token prices fell, some sectors, such as perpetual DEXs, boomed, and DATs continued to accumulate crypto using complex financial structures. Declining volatility is becoming a crucial macroeconomic factor, influencing fee revenues, data analytics strategies, and trading volumes.

Bitcoin’s resilience and the continued expansion of on-chain derivative activity suggest the market is evolving beyond simple spot price movements. As Ethereum prepares for its Merge upgrade in October, aiming to reduce Layer-2 costs and enhance scalability, the stage is set for a busy Q3 across infrastructure, DeFi, and institutional crypto adoption.

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