Binance Research: Crypto market sentiment is expected to recover in November.

A Binance Research report indicates that the total market capitalization of the crypto market fell by 6.1% in October, marking the first "Red October" since 2018. This was primarily due to the massive 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 suggests that November may 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 US-China relations.