Coinbase Institutional's latest monthly outlook report indicates that the crypto market has significantly cleared leverage following the large-scale liquidation on October 10, suggesting a short-term bottom may have formed. The report describes this deleveraging as a "healthy reset," leading to a more robust market structure. It anticipates a "bottoming and upward" phase in the coming months, rather than a cycle peak. The report forecasts Bitcoin's price range between $90,000 and $160,000 over the next 3-6 months, with an upward bias. Factors such as potential Federal Reserve rate cuts, liquidity easing, and new regulatory policies like the GENIUS and CLARITY acts are expected to provide mid-term tailwinds, possibly extending the current cycle into 2026. "Smart money" is selectively increasing positions, focusing on the EVM ecosystem, yield protocols, and RWA sectors.