The lion's share of ERC-20 token activity is Tether (USDT) and USD Coin (USDC). This is not only because of their high liquidity, but also because of the significant uncertainty in the crypto market.

Although Bitcoin is up 7% in September, investors are still feeling nervous. The main reason is the weak activity of retail investors. Institutional investors support growth, but lack of activity from retail traders may indicate a longer-term slowdown.

The Coinbase app, once popular among retail traders, is now down in the download rankings, indicating a decline in interest in the market.

Geopolitical tensions, such as conflicts in the Middle East, are increasing fear among investors. In times like these, they prefer safer assets like gold and the most liquid stablecoins.

Ethereum is also facing problems. Delayed SEC decision to launch Spot Ethereum ETF Options adds uncertainty and affects market sentiment.