The cryptocurrency market in September 2025 painted a mixed picture. On the surface, Bitcoin’s price rebound suggested bullish momentum and renewed investor confidence. However, beneath the headlines, most on-chain and trading metrics tell a story of cooling activity, declining volumes, and reduced network engagement. In this deep dive, we unpack 11 key charts that reveal the true state of the crypto market last month—highlighting where growth stalled and where resilience emerged.
📉 Decline in Adjusted On-Chain Transaction Volume
Despite Bitcoin’s price gains, the adjusted on-chain transaction value for both Bitcoin and Ethereum fell by 13% in September, dropping to $328 billion. This metric filters out spam and dust transactions, offering a clearer view of real economic activity.
- Bitcoin saw a 10.2% decline in adjusted transaction volume.
- Ethereum experienced a sharper drop of 17.8%, signaling reduced usage across DeFi, NFTs, and other dApps.
This divergence between price and on-chain activity suggests that market movement was driven more by sentiment and macro factors than by actual usage or adoption.
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💸 Stablecoin Transaction Volume Plummets
Stablecoins are often seen as the "fuel" of crypto markets, facilitating trading, lending, and cross-border transfers. In September, however, adjusted stablecoin transfer volume dropped 30.8%, falling to $832 billion—a significant slowdown.
Despite lower transaction activity, stablecoin supply continued to grow:
- Total supply increased by 1.3%, reaching $150.4 billion.
- USDT maintained dominance with 78.3% market share.
- USDC held steady at 17.6%.
The growing supply amid shrinking transaction volume could indicate accumulation behavior—investors may be holding stablecoins in anticipation of future buying opportunities rather than actively deploying capital.
⛏️ Miner and Staking Rewards on the Decline
Revenue indicators for network participants also weakened:
- Bitcoin miner revenue fell 4.2% to $815.3 million, reflecting lower fees and potentially increased competition or efficiency gains across mining pools.
- Ethereum staking rewards dropped 4% to $209.4 million, likely due to reduced network activity and lower priority fees.
These declines suggest reduced demand for block space and transaction finality—further evidence that on-chain congestion and user urgency are currently low.
🔥 Ethereum Continues Deflationary Trend
One bright spot: Ethereum’s deflationary mechanism remains active. In September:
- 26,874 ETH (worth ~$68.2 million) were burned through transaction fees.
- Since the implementation of EIP-1559 in August 2021, over 4.39 million ETH (~$12.4 billion) have been permanently removed from circulation.
This ongoing supply contraction supports long-term scarcity narratives for ETH, even during periods of low activity.
🎨 NFT Market Downturn Accelerates
The NFT sector continued its downward spiral:
- September saw a 22% drop in Ethereum-based NFT trading volume.
- Monthly volume now stands at approximately $961 million.
This marks another month of declining interest in digital collectibles and profile picture (PFP) projects. Reduced floor prices, lower mint activity, and shrinking trader counts point to a maturing—or stagnating—market segment.
While some niche communities remain active, the broader NFT ecosystem has yet to recover from earlier bear market effects.
💱 CEX Spot Trading Volume Reverses Growth
After a strong August, spot trading volume on compliant centralized exchanges (CEXs) declined by 17.4%, falling to $724.6 billion in September.
This reversal suggests that the summer rally failed to attract sustained retail or institutional inflows. Regulatory uncertainty and macroeconomic concerns may have contributed to risk-off behavior among traders.
Still, compliant platforms continue to dominate spot liquidity, underscoring their role as gateways for regulated capital entering crypto.
📦 Bitcoin ETFs See Positive Net Inflows
A notable exception to the downward trend: spot Bitcoin ETFs recorded net inflows of ~$1.13 billion in September.
This marks continued institutional appetite for regulated exposure to Bitcoin, especially during market dips. ETFs are increasingly acting as a stabilizing force, absorbing sell pressure from other sectors.
The sustained inflows highlight growing trust in Bitcoin as an asset class—even when broader crypto activity slows.
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📈 Futures Open Interest Rises Amid Falling Volumes
Derivatives markets showed conflicting signals:
- Bitcoin futures open interest rose 16%.
- Ethereum futures open interest increased 16.1%.
Rising open interest typically signals growing trader commitment. However, this optimism wasn’t matched by trading volume:
- Bitcoin futures volume dropped 16.1%, down to $1.11 trillion.
- Ethereum futures volume fell 20.8%, to $465.5 billion.
This disconnect suggests that while more positions are open, they may be smaller or leveraged differently—possibly indicating speculative positioning without strong conviction.
📊 CME Bitcoin Futures Show Institutional Caution
Even traditional finance venues reflected mixed sentiment:
- CME Bitcoin futures open interest grew 14.3%, reaching $10.3 billion.
- Yet, daily average volume declined 4.7%, down to ~$480 million.
Institutions may be building positions ahead of potential macro catalysts (e.g., rate decisions, halving expectations), but they’re doing so cautiously—avoiding high-frequency trading or aggressive entry points.
🛑 Options Market Contracts Sharply
The most bearish signal came from options markets:
- Bitcoin options open interest dropped 1.6%.
- Ethereum options open interest fell 8.4%.
Monthly options trading volume:
- Bitcoin: $38.6 billion, down 28.1%.
- Ethereum: $9.7 billion, down 37.5%.
Declining options activity suggests reduced hedging demand and lower expectations for near-term volatility—potentially pointing to complacency or观望 (wait-and-see) behavior among sophisticated traders.
🔍 Key Takeaways: Price vs. Fundamentals
While Bitcoin’s price performance in September created an illusion of strength, most fundamental metrics—including transaction volume, stablecoin flows, NFT activity, and derivatives turnover—pointed to a cooling market.
However, the resilience of Bitcoin ETF inflows and Ethereum’s deflationary burn mechanism offer counterbalancing positives.
This divergence underscores a critical insight:
Market price is influenced by sentiment and macro forces—but sustainable growth requires real usage.
Until we see a rebound in on-chain economic activity, the current rally may remain fragile.
❓ Frequently Asked Questions (FAQ)
Q: Why did Bitcoin’s price go up if most metrics are down?
A: Price movements can be driven by external factors like macroeconomic news, institutional ETF purchases, or investor sentiment—even when internal network activity is weak. In September, ETF inflows likely supported price despite lower usage.
Q: What does falling stablecoin transaction volume mean for the market?
A: It often signals reduced trading, lending, or speculative activity. A drop suggests users are holding rather than moving capital—common during consolidation phases or before major market moves.
Q: Is declining NFT volume a long-term concern?
A: Yes and no. While PFP NFTs have cooled, utility-driven NFTs (e.g., tickets, credentials, gaming assets) may still grow. The sector is evolving, not disappearing.
Q: Are rising futures open interests bullish?
A: Not necessarily. Rising open interest with falling volume can indicate new positions but low turnover—sometimes a sign of speculative buildup without strong follow-through.
Q: What do Ethereum burns mean for investors?
A: Continuous ETH burning reduces supply over time, potentially increasing scarcity and upward price pressure—if demand remains stable or grows.
Q: Should I trust ETF inflows as a bullish signal?
A: Yes—especially from regulated products. Persistent inflows suggest growing institutional confidence in Bitcoin as a long-term store of value.
🔗 Final Thoughts: Watch the Data, Not Just the Price
September 2025 reminded us that crypto markets are complex ecosystems where price is just one data point. True health comes from sustained on-chain activity, user engagement, and economic throughput—not just rallies fueled by ETFs or sentiment.
As we move into Q4, watch for signs of recovery in transaction volumes, stablecoin velocity, and NFT innovation. Until then, caution—and data-driven analysis—is key.
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