The altcoin season, which never seemed to arrive, has become a never-ending story. While there's no consensus on the altcoin season in the market, some analysts argue that it's already begun, while others argue that it hasn't even begun yet. At this point, the latest updated analysis came from Coinbase, the largest exchange in the United States. Altcoin Season is in September! Accordingly, Coinbase stated that it expects a full-blown altcoin season starting in September. Coinbase has published a report titled “Monthly Outlook: Altcoin Season is Coming” on its official website and outlined its expectations for the altcoin season. According to this report, Coinbase analysts led by Coinbase Institutional global research head David Duong offered a positive outlook for Q3 2025, stating that a full-blown altcoin season is expected starting in September. Analysts also said that a full altcoin season is approaching as institutional investors' interest in Ethereum grows. Coinbase stated that it defines an altcoin season as a period in which at least 75% of the top 50 altcoins by market capitalization have outperformed Bitcoin in the last 90 days. At this point, analysts stated that Bitcoin dominance, which is seen as the biggest harbinger of the arrival of the altcoin season, has decreased from 65% in May to 59% currently, which is an early sign that capital is turning to altcoins. According to CoinMarketCap data, the altcoin market capitalization has increased by over 50% since the beginning of July. Despite this increase, the Altcoin Season Index currently stands at 40 points, well below the historical threshold of 75 points for an altcoin season. “With altcoin market capitalization rising and the Altcoin Season Index showing early positive signals, we believe conditions are in place for a potential rotation into a more mature altcoin season as we enter September,” the exchange said, citing the data. Duong also stated that the Fed's easing is also positive for altcoins. He noted that there is a significant amount of retail capital sitting on the sidelines, adding that a Fed rate cut in September could bring more retail investors into the market. *This is not investment advice.