CoinMeta data: According to the CoinGecko 2026 Q3 industry report, the total market value of cryptocurrencies increased by 39.6% quarter-on-quarter to 3.0 trillion US dollars, marking the largest quarterly gain since Q4 2024 and ending a three-quarter consecutive decline. The market surge occurred mainly in August, driven by the doubling of US Treasury bond repurchases and the positive impact of BTC ETF. Ethereum saw a significant increase of 71% to $2,684, driven by a net inflow of $3.1 billion, outperforming the mainstream markets. During the same period, Hyperliquid ( HYPE ) reached a historical high of $98 due to favorable US regulatory conditions, and Robinhood Chain rose to become the third-largest public chain due to active coin trading. However, this quarter the market exhibited a pattern of "prices rebounding before actual participation and leverage increasing first": the quarterly trading volume of spot contracts decreased by 14.2% to 1.65 trillion US dollars, while the open interest in perpetual contracts ( OI ) surged by 40.6% and returned above 100 billion US dollars.