Coinbase: As of September 10, DATs hold over 1 million BTC, 4.9 million ETH, and 8.9 million Solana. The Global Head of Research and Research Associate at Coinbase released a report predicting that the crypto market will continue to strengthen in early Q4 2025. Key reasons include ample liquidity, favorable macroeconomic conditions, and supportive regulatory developments. The report highlights that although Bitcoin experienced six consecutive September declines from 2017 to 2022, this 'September Effect' has been disproven in 2023 and 2024. The report suggests that the crypto market will continue to be supported by the demand for digital asset treasuries. Currently, the crypto market is in the 'player standoff' phase of the DAT cycle, with a clear trend of capital flowing toward large crypto assets. Meanwhile, smaller DAT participants may face a consolidation phase. As of September 10, DATs hold over 1 million Bitcoin (approximately $110 billion), 4.9 million Ethereum (approximately $21.3 billion), and 8.9 million Solana (approximately $1.8 billion).