Coinbase analysts have expressed optimism about the continuation of the current crypto bull market into the fourth quarter of 2025. They attribute this potential rally to a combination of strong liquidity, favorable macroeconomic conditions, and supportive regulatory signals. In their analysis, the historical trend where Bitcoin has struggled in September appears to have shifted in the past two years, with public digital asset treasuries holding substantial amounts of Bitcoin, Ethereum, and Solana, effectively driving demand for large-cap tokens. Analysts David Duong and Colin Basco emphasize that the impact on the market could also stem from on-chain demand from these digital asset treasuries, which currently hold over $130 billion combined in these cryptocurrencies. Despite concerns regarding the typical seasonal decline in Bitcoin prices during September, Coinbase argues that the data lacks statistical significance and highlights the importance of where the market currently stands in relation to the digital asset treasury cycle. As the quarter progresses, they maintain a constructive outlook, anticipating that the confluence of resilient liquidity and macro support will keep the crypto markets buoyed.

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