[Coinbase Institutional Report: October Liquidation Events May Pave the Way for Q4 Rally] Coinbase Institutional's monthly report indicates that October's liquidation events could mark the beginning of a medium- to long-term market strengthening, with the fourth quarter (Q4) potentially entering a 'lightened-up' rally phase. The report mentions that excess leverage in the market has been cleared, fundamentals remain solid, and institutional investors are gradually returning. Capital flows are concentrated in EVM chains, risk-weighted assets (RWA), and yield protocols, showing that investors are engaging in selective risk reinvestment. Key conclusions include improved leverage levels but persistent liquidity gaps, capital rotation rather than large-scale inflows, ongoing macro risks, and strengthened structural demand. The report suggests that the current market is in a bottoming phase ahead of the next rally, rather than at a cyclical peak.