Crypto Market Extends Slide as Long-Term Bitcoin Holders Take Profits; Gold Retreats After China Ends Tax Rebate
November 3, 2025
The crypto market began the week on a weaker note as selling by long-term Bitcoin holders accelerated and major altcoins led a broad decline across digital assets.
According to data from Glassnode, Bitcoin selling by long-term investors has tripled since June, as holders who accumulated near $93,000 began taking profits. The trend highlights a rotation among veteran investors amid fading confidence after the market’s steep October correction — the worst October since 2015.
Bitcoin (BTC) traded near $106,000 in early Monday activity, pulling back from last week’s brief move above $110,000. Among major tokens, Dogecoin (DOGE) and Cardano (ADA) each fell around 5%, while Solana (SOL), Binance Coin (BNB), and Ether (ETH) slipped up to 4%. Tron (TRX) remained largely unchanged over the same period.
The latest downturn came without a clear catalyst, suggesting widespread profit-taking following last week’s short-lived rebound. Analysts said sentiment remains fragile, with technical factors driving market behavior in the absence of strong macroeconomic or regulatory triggers.
“Without new support from Powell, crypto is once again leaning on technicals,” said Alex Kuptsikevich, chief market analyst at FxPro. “Bitcoin’s repeated failure to hold above $113,000 shows waning momentum. The market continues to trace lower highs, but the $3.5 trillion total market capitalization zone has repeatedly attracted dip-buyers.”
Kuptsikevich added that although November has historically been a bullish month for crypto, optimism from “Uptober” faded quickly after a brief early-month rally.
Despite recent weakness, spot trading volumes topped $300 billion in October, the highest in a year, reflecting sustained two-way liquidity and ongoing participation from both buyers and sellers.
Gold Retreats After China Ends Retail Tax Rebates
Gold prices steadied near $4,000 per ounce after slipping earlier Monday, following China’s decision to end tax rebates for certain gold retailers — a move that could dampen demand in one of the world’s largest bullion markets.
The policy change, announced over the weekend, removes value-added tax offsets for retailers selling gold sourced from the Shanghai Gold Exchange and Shanghai Futures Exchange. The timing coincides with the cooling of gold’s record-breaking October rally, driven by strong retail buying and central bank accumulation.
While gold remains up more than 50% year-to-date, the shift underscores Beijing’s intent to curb speculative demand. The metal’s recent price action continues to mirror Bitcoin’s broader trend, with both assets responding to shifts in monetary policy expectations and global geopolitical risks.
With the Federal Reserve’s tightening cycle on hold and growing anticipation of lower capital costs, traders remain divided — weighing safe-haven exposure against selective risk-taking across both digital and traditional markets.
