The decentralized exchange (DEX) market saw a notable uptick in activity from August 18 to August 24, 2025, with Hyperliquid leading the charge. The platform's stablecoin holdings increased by $256 million, and its spot trading volume soared by 158.38%, largely due to a significant transaction by a whale investor. This investor swapped $2.59 billion worth of Bitcoin for Ethereum, contributing to Ethereum reaching a new all-time high. Overall, the total DEX spot trading volume rose to $125.917 billion, marking a 1.33% increase from the previous week. Uniswap and PancakeSwap reported mixed results, with volumes of $35.573 billion and $14.816 billion, respectively. Meanwhile, DEX perpetuals trading volume also grew by 1.20% to $166.654 billion, with Hyperliquid and edgeX showing notable gains. In the stablecoin market, the total market cap increased by $415.56 million. However, while Hyperliquid saw a $256 million increase in stablecoin holdings, Arbitrum experienced a decrease of $455.6 million. Additionally, seven listed companies purchased a total of 3,715 BTC, valued at $417 million, during the week.