The stablecoin market cap experienced a decline of $1.81 billion from September 22 to September 28, 2025, with USDT and USDC on Ethereum decreasing by $3.38 billion. In contrast, decentralized exchange (DEX) trading volumes saw significant growth. Spot trading volumes on DEXs rose by 18.68% to $140.33 billion, with Uniswap and PancakeSwap contributing $28.89 billion and $22.335 billion, respectively. DEX perpetuals trading volumes soared by 230.72% to $515.258 billion, driven by Aster's remarkable increase of 2385.80% to $270.679 billion. Institutional and whale activity was notable, with BitMine acquiring $963 million in ETH, bringing its total holdings to $10.87 billion. Strategy purchased $22.1 million in BTC, now holding $72.9 billion worth. Additionally, two whales accumulated 129.59 million ASTER, representing 7.82% of its circulating supply.