VanEck's latest report reveals that crypto treasuries reached $135 billion in September 2025, despite a broad market pullback. The report highlights that 23 out of 35 major tokens ended the month with losses. Perpetual DEX platforms captured 32% of blockchain fees, with Hyperliquid and Aster accounting for nearly one-third of all blockchain fee revenues. MicroStrategy remains a dominant player, holding over 53% of the total crypto treasuries. Additionally, Ethereum's average blob usage reached six per block for the first time since the Dencun upgrade in March 2025, indicating increased network activity.