Key Takeaways
- Coinbase says an altcoin season could be just weeks away.
- The Altseason Index needs to pass 75 to confirm the shift.
- ETH’s growing institutional adoption is fueling momentum.
Coinbase is calling it — the next altseason may arrive as soon as September, and Ethereum (ETH) could be the one leading the charge.
In its Q3 outlook report, the exchange said capital rotation from Bitcoin to altcoins has been underway since August, with market conditions “starting to signal a potential rotation into a full-scale altcoin season.”
September Could Usher in a Full-Blown Altseason
Coinbase noted that Bitcoin’s dominance has fallen from 65% in May 2025 to around 59% by August, a sign investors are moving funds into altcoins.
Interestingly, “altseason” begins when at least 75% of the top 50 altcoins outperform Bitcoin over the past 90 days.
The CoinMarketCap Altseason Index is still hovering in the low 40s, but Coinbase believes momentum and liquidity could push it above 75 by next month.
“We think current market conditions have started to signal a potential rotation into a full-scale altcoin season as we head into September,” the report said, citing favorable macro trends and anticipated regulatory progress.
Since early July, the total altcoin market cap has climbed more than 50% to $1.4 trillion, even with the index still well below the altseason threshold.
Ethereum Is the Catalyst
Coinbase points to Ethereum’s growing appeal among institutions as a major driver.
From spot ETH ETFs pulling in billions weekly to companies holding ETH as part of their treasuries, demand is swelling.
Bitmine Immersion Technologies, for instance, has acquired 1.15 million ETH, while the top ETH treasury companies collectively control around 2.95 million ETH — more than 2% of the total supply.
Coinbase’s altseason call is also backed by its z-score liquidity measure, which factors in stablecoin issuance, trading volume, and order book depth.
After six months of decline, liquidity is finally rebounding — setting the stage for heightened market activity.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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