Coinbase's global research team has released a report forecasting a strengthening crypto market in early Q4 2025, driven by ample liquidity, a favorable macroeconomic environment, and supportive regulatory developments. The report highlights that the typical "September effect," where Bitcoin historically fell, was not observed in 2023 and 2024. The report emphasizes the role of digital asset treasuries (DATs) in supporting the market, noting a significant trend of capital inflow into large crypto assets. As of September 10, DATs hold over 1 million Bitcoin, valued at approximately $110 billion, 4.9 million Ethereum, worth around $21.3 billion, and 8.9 million Solana, valued at about $1.8 billion. The market is currently in a "player versus player" phase, with smaller DAT participants potentially facing consolidation.