Two months ago— Coinbase told us a full scale alt season was coming

The Altcoin Season That Wasn't

The crypto community had a moment of genuine excitement on August 14, 2025, when Coinbase published its bullish assessment, signaling that a "full-scale alt season" was on the immediate horizon.

The Downward Spiral

Instead of soaring, altcoins began a substantial and painful drop almost immediately following, and in the months after, the article's publication. The clearest sign of this sentiment shift can be seen in the Altcoin Season Index, a metric intended to gauge the health and momentum of the altcoin space. From its peak in September, this index has collapsed by approximately 68%. The carnage hasn't been limited to the index, either. Individual tokens across the board have suffered deep corrections, with many popular altcoins seeing their values plunge by anywhere from 50% to a staggering 80% from their local highs. This widespread decline paints a picture of a fearful and risk-averse market. Compounding this loss of capital, the Total Market Cap Excluding Bitcoin (Total2)—a key indicator for the collective size of the altcoin market, saw its valuation shrink significantly, falling from around $1.7 trillion down to approximately $1.3 trillion.

TLDR; the altcoin market has gone from anticipating a feast to enduring a famine, with most coins seeing devastating losses since one of the industry's biggest players suggested the good times were about to start.

Thanks Coinbase!