According to Odaily Planet Daily, Coinbase's global head of research stated in a recent report that the crypto market is expected to maintain its strength into the early fourth quarter of 2025, driven by ample liquidity, a favorable macroeconomic environment, and supportive regulatory developments. The report states that Bitcoin experienced six consecutive September declines between 2017 and 2022, but this "September effect" was broken in 2023 and 2024. The market is currently in the "player versus player" phase of the digital asset treasury (DAT) cycle, with capital flows accelerating toward large crypto assets and smaller DATs potentially entering a period of consolidation. As of September 10th, DATs held over 1 million BTC (approximately $110 billion), 4.9 million ETH (approximately $21.3 billion), and 8.9 million Solana (approximately $1.8 billion).