Coinbase Institutional released its monthly outlook report on Aug. 14 titled “Altcoin Season Cometh,” signaling a shift in market dynamics that could support a broad altcoin rally by September. The firm’s global head of research, David Duong, wrote: “Our 3Q25 outlook remains constructive, though our view on an altcoin season has evolved.” He added:

We think current market conditions now suggest a potential shift towards a full-scale altcoin season as we approach September.

The report also emphasized stronger-than-expected macroeconomic conditions and a clearer regulatory framework as pivotal contributors to the improved outlook. While the Altcoin Season Index remains below the key 75-point threshold, altcoin market capitalization has risen over 50% since early July, reaching $1.4 trillion as of Aug. 12.

Bitcoin’s dominance has declined from 65% in May to 59% by August, indicating early-stage capital rotation into altcoins. Coinbase pointed to the record $7.2 trillion parked in U.S. money market funds as latent capital that could reenter the crypto ecosystem if monetary policy becomes more accommodative. The report stated: “We think Fed easing could unlock greater retail participation in the medium term.”

Liquidity metrics, including stablecoin issuance and spot trading volume, have started to recover after months of contraction. Coinbase reiterated its thesis that a global M2 money supply uptick tends to precede bitcoin rallies, suggesting broader liquidity tailwinds in late Q3 or early Q4.

Ethereum ( ETH) remains the institutional centerpiece, with digital asset treasuries such as Bitmine Immersion Technologies and Sharplink Gaming collectively holding over 2.95 million ETH, more than 2% of total supply. High-beta tokens tied to ETH—including ARB, ENA, OP, and particularly LDO—are exhibiting amplified price action. LDO has appreciated 58% month-to-date, supported in part by a U.S. Securities and Exchange Commission (SEC) staff view that liquid staking, under specific conditions, does not constitute a securities offering. Concluding the report, Coinbase reinforced its positive stance:

Our optimistic view is underpinned by both macro factors and expected regulatory progress.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。