Sept 22–Sept 28, 2025 #LookonchainWeeklyReport

🟢 Onchain Overview

Stablecoin market cap fell $1.81B, while DEX volumes surged — spot up 18.68% and perps soaring 230.7% led by Aster. Whales and institutions were active, with BitMine adding $963M ETH and Strategy buying $22M BTC.

🟢 Stablecoin Market

The total stablecoin market cap decreased by $1.81B. Stablecoins(USDT&USDC) on #Ethereum decreased by $3.38B.

🟢 Spot & Perps Trading Volume on DEXs

The DEX spot trading volume reached $140.33B last week, up 18.68% from the previous week.

Breakdown:

Uniswap: $28.89B (WoW +25.01%)

PancakeSwap: $22.335B (WoW +7.19%)

Meanwhile, DEX perps trading volume totaled $515.258B, a 230.72% increase week-over-week.

Breakdown:

Aster: $270.679B (WoW +2385.80%)

Hyperliquid: $80.527B (WoW +34.05%)

🟢 Institutional/Whale Activity

BitMine bought 234,846 $ETH($963M) and currently holds 2,650,900 $ETH($10.87B).

Strategy bought 196 $BTC($22.1M) at ~$113,048 last week and currently holds 640,031 $BTC($72.9B).

2 whales accumulated 129.59M $ASTER($259M), 7.82% of the circulating supply.

https://x.com/lookonchain/status/1971758907384365459

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