The firm’s analysts described the figure as evidence of deepening institutional adoption, particularly through Ethereum staking.
However, VanEck warned that the increasing concentration of staked assets could introduce dilution risks for investors who remain outside the staking ecosystem, as rewards and governance power consolidate among large validators.
Ethereum’s Fusaka Upgrade on the Horizon
The report also spotlighted Ethereum’s next major technical milestone – the Fusaka upgrade, scheduled for December. This update aims to boost Layer-2 efficiency by increasing blob capacity and enabling nodes to validate blocks via probabilistic sampling, which should lower rollup transaction costs and improve overall scalability.
Analysts believe the changes could significantly enhance Ethereum’s competitiveness, but note that network improvements alone may not offset declining revenues in a subdued market.
Mixed Market Performance in September
VanEck’s data showed uneven performance across major cryptocurrencies. Out of 35 leading tokens, 23 ended the month lower. Bitcoin gained 5%, while Ethereum fell by the same percentage. The broader decline in market volatility left both price movement and on-chain revenue muted, signaling a slowdown in speculative activity.
According to the report, blockchain revenues dropped by 16% month-over-month, reflecting the quiet trading environment:
- •Ethereum: -6%
- •Solana: -11%
- •Tron: -37%
VanEck attributed much of the weakness to shrinking volatility – which fell by 40% for ETH, 26% for BTC, and 16% for SOL during September – reducing the opportunities for traders and validators alike.
Futures Trading Surges Despite Dull Spot Markets
While decentralized spot exchange volumes held steady at roughly $365 billion, derivatives activity spiked. Futures trading rose 30% month-over-month, fueled in part by new token launches and liquidity incentives – particularly from the Aster platform within the Binance ecosystem.
VanEck concluded that despite fading volatility, the growing presence of institutional treasuries and upcoming Ethereum upgrades show that crypto infrastructure remains in an expansionary phase, even as prices plateau.
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