Binance Research: Crypto Market Poised for Sentiment Recovery in November

According to a report by Binance Research, as reported by Odaily Planet Daily, the total market capitalization of the crypto market fell by 6.1% in October, marking the first "red October" since 2018. This was mainly due to the large-scale deleveraging event on October 10th, which wiped out over $19 billion in positions. Despite the overall pressure, BNB bucked the trend, rising 6.2% thanks to the listing of popular projects and the tokenization of China Merchants Bank's money market fund. HYPE also performed relatively steadily, benefiting from perpetual trading volume and Hyperliquid's buyback program. Institutional demand for ETH remained strong, with vault holdings reaching 5% of the total supply. Furthermore, most mainstream tokens, including SOL, ADA, and DOGE, fell by more than 10%. DeFi TVL decreased by 4.85% month-over-month, while stablecoin market capitalization increased by 3.54%. The report believes that November is expected to see a recovery in sentiment, with the market focusing on the potential benefits from the end of the Federal Reserve's balance sheet reduction and improved Sino-US relations.