Coinbase: As of September 10, DATs hold over 1 million BTC, 4.9 million ETH, and 8.9 million Solana

Coinbase's global head of research and a research assistant published a report predicting that the crypto market will continue to strengthen through the beginning of the fourth quarter of 2025, primarily due to ample liquidity, a favorable macroeconomic environment, and supportive regulatory developments. The report notes that although Bitcoin experienced six consecutive September declines between 2017 and 2022, this "September effect" was disproven in 2023 and 2024. The report argues that the crypto market will continue to be supported by treasury demand for digital assets. The market is currently in the "player versus player" phase of the DAT cycle, with a clear trend of capital flowing into large crypto assets, while smaller DAT participants may face a period of consolidation. As of September 10th, DATs held over 1 million Bitcoin (approximately $110 billion), 4.9 million Ethereum (approximately $21.3 billion), and 8.9 million Solana (approximately $1.8 billion).