Messari's Unqualified Opinions ETH’s Q3 Surge: DATs Grab 3.8% of Supply, ETH ETFs Outpace BTC | Fully Diluted with Messari Research
Oct 24, 2025
This discussion features Jay Kotch Gallop, a Messari researcher specializing in SWEs, and Ryan AJC, an active market commentator. They reveal why ETH ETFs saw more inflows than BTC and how DATs accumulated approximately 3.8% of ETH's supply in just one quarter. The duo explores stablecoin growth, particularly USDe's rise, and debates the evolution of tokenized equities. They also examine emerging corporate chains and weigh the merits of next-gen EVMs, along with the rising competition in Internet Capital Markets.
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ETH DATs Drove Q3 Market Shift
- Ethereum dominated Q3 as DATs drove unprecedented buy pressure that reshaped flows and market dynamics.
- ETH DATs amassed ~3.8% of total ETH supply by quarter-end, surpassing Bitcoin DATs despite a later start.
ETH ETFs Outpaced BTC Inflows
- Q3 ETF inflows totaled $8.6B for ETH and $7.5B for BTC, marking ETH's unusual dominance for the quarter.
- BlackRock led ETF market share (58%) and grew its share through Q3, concentrating flows.
Staking Gives ETH/SOL DATs An Edge
- Staking and yield features give ETH and SOL DATs a structural advantage versus BTC DATs when seeking sustainable returns.
- Staking approvals remain a gray area, but products are emerging using active fund structures to offer staking exposure.