Altcoin season may be weeks away, according to Coinbase Institutional’s latest monthly outlook, which forecasts a shift in market leadership from bitcoin to alternative cryptocurrencies beginning in September.

Altcoin season refers to a market phase when cryptocurrencies other than bitcoin — often led by Ethereum's ETH, Solana's SOL, and other large-cap tokens — post significantly higher percentage gains than BTC over a sustained period.

The Aug. 14 report, authored by David Duong, Coinbase’s global head of research, identifies three main drivers: falling bitcoin market dominance, improving liquidity and growing investor willingness to rotate into higher-beta assets. Duong frames this as a cyclical transition, with capital moving down the risk curve as market confidence builds.

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