Coinbase Report: Is the Shanzhai Season Coming Soon? 》Coinbase stated in its latest monthly outlook that it remains optimistic about the third quarter of 2025, but has adjusted its views on the "shanzhai season". The report suggests that as September approaches, the market may usher in a more comprehensive knockoff season, driven by factors such as the Federal Reserve's upcoming interest rate cuts to release funds, increasing institutional interest in Ethereum (ETH), expansion of digital asset treasuries and stablecoins, and RWA narratives.