Aug 18–Aug 24, 2025 #LookonchainWeeklyReport 🟢 Onchain Overview The crypto market was active this week, with a slight increase in total DEX trading volume. Hyperliquid's performance was particularly outstanding, as its stablecoin holdings grew by 256M and its spot trading volume surged by 158.38%. This was mainly driven by a whale who swapped 2.59B worth of BTC for ETH on the platform and opened a long position, pushing ETH to a new all-time high. 🟢 Stablecoin Market The total stablecoin market cap increased by 415.56M. Stablecoins(USDT&USDC) on #Hyperliquid increased by 256M and on #Arbitrum decreased by $ 455.6M. 🟢 Spot & Perps Trading Volume on DEXs The DEX spot trading volume reached 125.917B last week, up 1.33% from the previous week. Breakdown: Uniswap: 35.573B (WoW -6.00%) PancakeSwap: 14.816B (WoW +11.51%) Hyperliquid: 8.599B (WoW +158.38%) Meanwhile, DEX perps trading volume totaled 166.654B, a 1.20% increase week-over-week. Breakdown: Hyperliquid: 105.314B (WoW +0.81%) edgeX: 13.254B (WoW 42.72%) Jupiter: 6.151B (WoW -9.94%) 🟢 BTC purchases 7 listed companies purchased 3,715 BTC(417M) last week. 🟢 Institutional/Whale Activity A Bitcoin OG who received 100,784 BTC(642M then, now 11.4B) 7 years ago sold ~22,769 BTC(2.59B) to buy 472,920 ETH(2.22B) spot and open a 135,265 ETH(577M) long. This brings the spot trading volume on #Hyperliquid to 8.599B, up 158.38%. https://x.com/lookonchain/status/1959846685934551356(Lookonchain)