PANews reported on September 12 that Coinbase's global research director and research assistant published a report predicting that the crypto market will continue to strengthen in the early fourth quarter of 2025, mainly due to sufficient liquidity, a favorable macro environment and supportive regulatory developments. The report noted that although Bitcoin fell in September six times in a row between 2017 and 2022, this "September effect" was falsified in 2023 and 2024. The report believes that the crypto market will continue to be supported by demand for digital asset treasuries. Currently, the crypto market is 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 10, 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).PANews reported on September 12 that Coinbase's global research director and research assistant published a report predicting that the crypto market will continue to strengthen in the early fourth quarter of 2025, mainly due to sufficient liquidity, a favorable macro environment and supportive regulatory developments. The report noted that although Bitcoin fell in September six times in a row between 2017 and 2022, this "September effect" was falsified in 2023 and 2024. The report believes that the crypto market will continue to be supported by demand for digital asset treasuries. Currently, the crypto market is 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 10, 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).