The first week of October opened with renewed investor activity across the digital asset market. Bitcoin’s record-breaking surge above $125,000, paired with a steady rise in stablecoin supply and institutional accumulation of BTC and ETH, underscored a continued appetite for crypto exposure.
According to Lookonchain’s weekly report covering September 29 – October 5, 2025, the crypto market maintained strong momentum despite a modest pullback in decentralized-exchange (DEX) volumes.
Bitcoin (BTC) surged past $125,000, setting a new record high. The week also saw an expansion of stablecoin supply by $5.48 billion, suggesting sustained capital inflows into the digital-asset ecosystem.
Metaplanet, one of the largest Bitcoin treasury companies, added 5,268 BTC (approximately $603.7 million), increasing its total holdings to 30,823 BTC with an average acquisition price of $107,912. However, no new Bitcoin purchases were reported from Strategy, another prominent corporate Bitcoin holder.
Meanwhile for Ethereum, large institutional players remained active as analysts expect ETH to weigh in at a top market value. Bitmine purchased 179,251 ETH (worth approximately $821.7 million) and now holds about 2.83 million ETH valued at $12.97 billion.
Stablecoin market continues expanding
The total stablecoin market capitalization rose by $5.48 billion during the week. On Ethereum, USDT and USDC supplies grew by $2.24 billion, while on Plasma, the same pair declined by about $716 million. The shift indicates a concentration of liquidity back to Ethereum-based venues, where institutional-grade DeFi products and yield opportunities are more established.
DEX activity softens but remains robust
Spot trading on decentralized exchanges reached $120.88 billion, down 13.86% from the prior week. Uniswap led with $28.74 billion in volume, down 0.53% compared to the previous week, followed by PancakeSwap with $21.96 billion, down 1.66% for the same period.
Perpetual-futures DEX volume totaled $224.22 billion, marking an 8.29% weekly decline. Hyperliquid accounted for $58.92 billion (-26.83%), while Lighter posted $55.38 billion (-12.31%). Despite the decreases, aggregate on-chain trading levels remain historically high.
Market outlook and interpretation
The data suggest that capital is consolidating within established ecosystems—Ethereum for stablecoins and major DEXs, and Bitcoin for institutional reserves. While trading volumes have cooled slightly, continued accumulation from firms such as Bitmine and Metaplanet points to persistent institutional conviction even as prices reach new highs.
Further monitoring of stablecoin flows and corporate balance-sheet activity will help gauge whether the current rally represents sustained inflows or short-term positioning following Bitcoin’s record peak.
Also read: Bitcoin Eyes New High This Week as Market Optimism Fuels Rally
