Is the spring of the retail investor coming? Coinbase stated in its monthly outlook that it remains optimistic about the outlook for the third quarter of 2025. As September approaches, the current market conditions indicate that the altcoin season may be fully upon us (a common definition of altcoin season is that at least 75% of the top 50 alts have outperformed Bitcoin in the past 90 days). Additionally, there is speculation about whether the Fed's interest rate cut in September means that the cryptocurrency market has peaked. Coinbase believes that, given the large amount of retail capital sitting on the sidelines in money market funds (over $7 trillion) and other areas, the Fed's easing policies may release more potential for retail participation in the medium term.