Uphold Market Commentary - Nov 10, 2025 Crypto staged a modest weekend recovery, lifting total market cap to $3.64 trillion. $BTC rebounded to $106,000 after testing a local low near $99,000, while $ETH is up 17% from the bottom, now hovering just below $3,600. Still, Q4 has been underwhelming so far, with total market cap shaved over $300 billion, down almost 9% since October began, with sentiment staying fragile despite the rebound. On the institutional flows, last week signaled a structural rotation, not an exit. BTC and ETH spot ETFs saw $1.21 billion and $507 million in outflows, while $SOL ETFs absorbed $136 million in steady inflow, a clear sign that institutions are rotating away from overcrowded majors and into higher-conviction growth plays. Long-term conviction remains firm, with corporates continuing to build exposure. Strategy added 487 BTC (~$49.9 million), while BitMine acquired 110,288 ETH (~$380 million), bringing its holdings to 2.9% of ETH supply, as it moves toward a 5% target, underscoring a growing trend of treasury-style crypto accumulation. $XRP and $BNB stood out as relative outperformers, with XRP leading weekly gains at +8%, now trading at $2.53 on Uphold Ascent. BNB held firm above $1,000, continuing to trade more like a yield-generating exchange equity than a speculative Layer 1 token, supported by steady fee flows and infrastructure demand. Among momentum-driven names, $WFLI and $TRUMP rallied 25% and 15%, respectively, as traders rotated into high-beta plays. Meanwhile, $ZEC, $ICP, and $FIL saw sharp weekend moves, driven by protocol-specific catalysts linked to privacy, compute, and storage narratives, highlighting the ongoing shift toward theme-based altcoin rotation.