Coinbase analysts say the cryptocurrency bull market still has room to continue into the fourth quarter. The report notes that strong market liquidity, a favorable macroeconomic environment, and positive regulatory signals will continue to support the market. Although Bitcoin has often experienced declines in September in the past, this seasonal pattern has not reappeared in 2023 and 2024, making it statistically insignificant. Coinbase emphasizes that the more important factor is the holdings of digital asset treasuries (DATs). Currently, publicly disclosed treasuries hold over 1 million BTC (approximately $110 billion), 4.9 million ETH ($21.3 billion), and 8.9 million SOL ($1.8 billion), providing solid support for prices. Coinbase also notes that the return of retail investors may signal the arrival of an "Alt Season." Against the backdrop of a stable macroeconomic environment and continued capital inflows, large crypto assets will continue to benefit, while smaller tokens may face consolidation pressure.