Coinbase: The knockoff season may fully arrive in Q3, and the Federal Reserve's loose policy may release more potential in the medium term Coinbase stated in its monthly outlook that its outlook for the third quarter of 2025 remains optimistic. As September approaches, current market conditions indicate that the peak season for altcoins may be fully approaching (the common definition of the peak season for altcoins is that at least 75% of the top 50 altcoins by market capitalization have performed better than Bitcoin in the past 90 days). In addition, regarding whether the Federal Reserve's interest rate cut in September means that the cryptocurrency market has peaked. Coinbase believes that given the large amount of retail capital holding a wait-and-see attitude in money market funds (over $7 trillion) and other sectors, the Federal Reserve's loose policy may unleash the potential for more retail participation in the medium term.