Binance Research "October was 'Red October'… November may see room for sentiment improvement"

Last month, global cryptoasset (cryptocurrency) market capitalization decreased by 6.1%, marking the first 'Red October' since 2018, and the market has raised expectations that investor sentiment could partially improve this month.

On the 13th, Binance Research analyzed in a research report that "the market continued an overall risk-off trend following a roughly $19 billion liquidation event that occurred on the 10th of last month." It added, "There are also forecasts that November may see a partial recovery in investor sentiment as expectations that the U.S. central bank (Fed) will end quantitative tightening (QT) appear to have been priced in."

Last month, Bitcoin (BTC) underwent a price correction but maintained a 'relative preference' trend as its market share rose to 59.4%. Ethereum (ETH) saw its share fall slightly to 12.6%, but demand remains firm as ETH holdings in institutional treasuries exceed 5% of total supply.

Volatility expanded significantly among altcoins. BNB showed an unusually strong performance, rising 6.2% last month on the back of ecosystem expansion. In contrast, Solana fell 12.7% despite the listing of a staking ETF. XRP was adjusted down 13.9% as the ETF approval schedule was delayed due to a government shutdown. Dogecoin (DOGE) and Chainlink (LINK) fell 21.1% and 21%, respectively, and Cardano (ADA) dropped 24% due to increased whale selling and ETF delays, being counted as a major weak asset.