Coinbase announced the approach of the alt season.

Experts from the cryptocurrency exchange Coinbase have predicted the start of a full-scale alt season in September 2025. This is indicated by the dip in Bitcoin's dominance, the rise in the market capitalization of other crypto assets, and the growing interest in Ethereum.

The key thesis of the article from Coinbase is that the market signals a transition to a full-scale alt season in September 2025. This is indicated by a number of factors.

However, the alt season index from CoinMarketCap is at 45 points, which is below the threshold indicating the start of this period — 75.

The subdued value of this indicator against the backdrop of the rise in the capitalization of the altcoin sector, by more than 50% since the beginning of July, to $1.4 trillion, is due to the growing interest in Ethereum. The latter is in turn driven by the activity of treasury management companies, as well as the popularity of stablecoins and tokenized real-world assets (RWA).

Coinbase also pointed out the dip in Bitcoin dominance. If in May this figure was at 65%, then by August it fell to 59%, according to the report.

At the time of preparing the material, the dominance level of Bitcoin stands at 59.3%:

The analysis of Coinbase is supported by both macroeconomic factors and expectations of further changes in the regulatory environment. Among the former is the fact that the global M2 money supply index indicates a potential influx of liquidity into the market at the end of Q3 or the beginning of Q4 2025.

At the same time, there are about $7.2 trillion in US money market funds. In April, cash balances decreased by $150 billion, but since June, they have increased by more than $200 billion. Meanwhile, there has been a rise in the crypto market, which contradicts the inverse correlation between these indicators.

Coinbase believes that the indicated capital is an opportunity cost due to a number of factors, including concerns about a recession in the US. However, the easing of Federal Reserve policy in September, as indicated by forecasts, may reduce the popularity of money market funds and free up liquidity.

The rise in the popularity of stablecoins, driven by their legalization, as well as the growing demand for Ethereum, indicates that free capital will flow into altcoins, experts stated. At the same time, the entire sector is likely to grow, not just the second-largest cryptocurrency.

This is indicated by the higher beta yield of some altcoins relative to Ethereum. In particular, ARB, ENA, LDO, and OP.

At the same time, the rise of Lido DAO (LDO) was also supported by a statement from the U.S. Securities and Exchange Commission (SEC) regarding liquid staking.

Earlier we reported that at the end of July 2025, analysts recorded a surge in activity around altcoins. This is the trading volume, as well as the level of interest in the sector online.