Coinbase: The October sell-off is not the end of the cycle, but rather a necessary adjustment.

Coinbase report: October liquidations foreshadow a strong medium- to long-term rebound, laying the foundation for a Q4 rally. Leverage has improved, but liquidity gaps remain. Capital is rotating to the EVM chain, RWA, and yield protocols. Investors are selectively reinvesting risk, and the current phase is a bottoming-out phase.