Gate Research Institute: Review of the Crypto Assets Market in September 2025

Key Points Summary

• Performance of the cryptocurrency market: The total market capitalization of cryptocurrencies in September remained between $3.8 trillion and $4.3 trillion. At the beginning of the month, funds continued to flow in, and the market capitalization once rose to about $4.25 trillion; in the middle to late of the month, it was affected by macro factors and adjusted to fluctuate around $4 trillion. Overall, the liquidity is stable, but high selling pressure and wait-and-see sentiment are intertwined, resulting in a lack of new momentum in the market.

• Main Public Chain Data Analysis: The overall activity level of mainstream blockchain transactions remains stable, with Solana still at the top. Arbitrum and Base saw a brief increase in volume mid-month, while Bitcoin and Ethereum maintained normal levels. Gas fees fluctuated, mainly concentrated in the mid to late month, with Base and Polygon experiencing a brief rise. Overall activity is healthy, but costs during peak periods remain relatively high.

• Hot project trends: On September 25, the stablecoin public chain Plasma launched its mainnet and issued the token XPL, debuting on exchanges such as Gate. XPL peaked at $1.67, with an FDV surpassing $14 billion. Within a few days of launch, Plasma's DeFi TVL reached $5.46 billion, increasing over 40% weekly, and the on-chain stablecoin supply broke $7 billion within two days, indicating rapid capital inflow and strong capacity.

• Financing and Security Events: The Web3 industry completed approximately 100 financing rounds, totaling $2.2 billion. Although the number of financing rounds decreased by 12.3%, funds became more concentrated, with leading projects experiencing growth against the trend. Blockchain services and CeFi led the way with $889 million and $806 million, respectively, becoming the “dual-core drivers”; financing was primarily concentrated in the $3-10 million range, with seed rounds accounting for the highest proportion, indicating that funds are concentrating on core tracks and high-quality projects.

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