Bitcoin
After weeks of turmoil, Coinbase Research says the cryptocurrency market may have quietly found its footing.
- Coinbase Institutional said October’s liquidation was a “reset” rather than a collapse, restoring market health.
- Bitcoin’s next range is expected to be between $90,000 and $160,000, with an upside bias.
- While institutional investors have remained stable, retail-driven altcoins have suffered the most.
In its latest outlook, the firm described the recent wave of selloffs and liquidations as a “reset” rather than a collapse, suggesting the foundations for a new uptrend may already be forming behind the scenes.
Coinbase analysts argue that the dramatic unwinding of leveraged positions in mid-October effectively wiped out excess speculation from the market. As derivatives trading activity cools and margin levels return to their so-called pre-climb norms, they believe a healthier structure is emerging, one that can support a more sustainable recovery into 2025.
From panic to opportunity
The report notes that while the October 10 crash initially scared traders, the event acted more like a cleansing process than a long-term setback. “The market has reset, but not failed,” Coinbase summed up. Rather than seeing this as a signal of deepening structural weaknesses, the agency interprets this as a necessary rebalancing after months of heated trading.
The firm’s analysts now expect digital asset growth to become more subdued. Bitcoininstead of surging to new all-time highs. Based on derivatives data, they estimate that the world’s largest cryptocurrency could fluctuate between $90,000 and $160,000 in the coming months, with the odds skewed toward the upper end of that range.
October’s decline may not have been the end of the cycle, but a necessary reset.
Excess leverage has been flushed out, fundamentals remain intact, and institutional investors are quietly returning. Smart money is clustered around the EVM chain, RWA, and Yield protocols, indicating… pic.twitter.com/DUYqM36u8j
— Coinbase Institutional 🛡️ (@CoinbaseInsto) November 7, 2025
Macro tailwinds could extend the cycle
Coinbase’s research team believes that the medium-term setup remains favorable. They highlight several macroeconomic factors, including expected Federal Reserve interest rate cuts, expanded liquidity conditions, and the development of clearer digital asset regulations, as potential catalysts that could sustain the market’s growth phase until 2026.
“Rather than breaking the trend, the October decline may have extended it,” the report suggests. “This adjustment normalized leverage, made the market more resilient, and set the stage for a modest rally.”
Institutions remain calm as retail industry feels pain
Retail-driven altcoins were hit hardest by the liquidation storm, with many smaller tokens losing double-digit percentages in a matter of hours. In contrast, institutional portfolios remained largely isolated due to lower leverage exposure and higher weighting of Bitcoin and other large-cap assets.
Coinbase’s findings mirror Nansen data showing that professional investors (often referred to as “smart money”) have recently focused their activity around Ethereum and Arbitrum. Solana and Binance Smart Chain were once buzzing with speculative flow, but momentum has waned as capital has moved toward more liquid and fundamentally strong ecosystems.
Still, Coinbase cautions that these portfolio changes are not buy signals in and of themselves, but rather an indicator of how sophisticated traders view relative stability.
A slow but powerful climb awaits
The report concludes that the next big advances in the crypto market are likely to be institutional in nature. With leverage reset, balance sheets becoming healthier and the macro environment potentially easing, the firm expects the market to rise gradually, but this time with stronger structural support rather than speculative euphoria.
“The recovery is likely to be less explosive, but more sustained,” the authors wrote.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over eight years of experience covering the crypto, blockchain and fintech industries, he is well-versed in the complex and evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and detailed content. Follow his publications to stay up to date on the most important trends and topics.