🟩 Uphold Market Commentary Crypto ended October in the red, with BTC down 3.9% and altcoins sliding harder, as TOTAL3 dropped 7.2%. The downtrend has carried into November, with BTC slipping below $108,000 and ETH repeatedly testing its $3,700 support. Sentiment remains cautious, with no clear catalyst to reverse the current drift. In contrast, equities continue to stretch higher, with the S&P 500 now trading 13% above its 200-day moving average, a sign of persistent risk-on behaviour in traditional markets, even as crypto struggles to keep pace. Institutional flows reflect the divergence, BTC spot ETFs saw $799 million in outflows last week, signaling profit-taking and rotation, while ETH spot ETFs posted a $16 million net inflow, showing relative resilience. The newly launched Bitwise Solana Staking ETF (BSOL) recorded a strong $420 million inflow in its first week, as capital begins to rotate toward major alternatives with real yield potential. Alt Focus The ICO market is heating up, led by the explosive demand for MegaETH’s public token sale, which was oversubscribed by 27.8x. The project raised $1.39 billion, marking one of the largest token sale events in recent memory and signaling renewed appetite for early-stage crypto investments. ASTER surged 30% over the weekend after CZ disclosed a $2 million personal buy, framing it as a long-term hold. However, the rally was short-lived and the price has since retraced, with ASTER now trading at $0.986 on Uphold Ascent. The reversal underscores how fragile sentiment remains, with aggressive profit-taking dominating the tape. Adding to the pressure, a $116 million exploit on Balancer weighed on DeFi markets. In response, Berachain validators halted the network, allowing the core team to deploy an emergency hard fork to patch vulnerabilities tied to Balancer V2 on BEX. Trading Flows Over the past 24hrs at Uphold we have seen better buying of CSPR (10.02x), AVAX (8.78x) and AURORA (8.34x). We have seen better selling of CRV (8.49x), ZRO (5.52x) and BCH (4.3x). The 3 most active assets across our platform in the last 24hrs generally have been SOL, ZBCN and XCN.