Coinbase Institutional released its latest monthly outlook on November 10, 2025, suggesting that the crypto market has undergone a healthy reset. The report posits that the significant liquidations on October 10 flushed out excess leverage, creating a more stable foundation for potential recovery. Analysts at Coinbase believe the market has reset rather than collapsed and anticipate a gradual upward trend as confidence returns, led by institutional investors who were largely insulated from the deleveraging. The outlook indicates that capital is currently rotating within the crypto ecosystem rather than a large influx of new money entering the market. Specifically, "smart money" flows are reportedly shifting towards Ethereum-based chains. The report suggests a period of 'base-building' before the next major upward movement, with institutional interest expected to be a key driver of the recovery over the next several months. While the report expresses cautious optimism, it also notes that macroeconomic factors, such as potential Federal Reserve rate cuts and clearer regulations, could provide tailwinds for the market. Coinbase's analysis projects a potential Bitcoin price range between $90,000 and $160,000 over the next three to six months. There was no broader market reaction analysis available as this was a market commentary report itself.