Crypto Market Extends Slide as Long-Term Bitcoin Holders Take Profits; Gold Retreats After China Ends Tax Rebate
November 3, 2025

Bitcoin’s recent rally showed fresh signs of fatigue Monday, with selling pressure from long-term holders intensifying and major altcoins leading broader market losses.

Data from Glassnode shows bitcoin selling by long-term investors has tripled since June, as buyers who accumulated near $93,000 begin to lock in profits. The trend underscores a rotation among veteran holders amid muted confidence following October’s steep correction — the market’s worst October since 2015.

Bitcoin (BTC) hovered around $106,000 in early trading, retreating from last week’s brief move above $110,000. Dogecoin (DOGE) and Cardano’s (ADA) each dropped about 5%, leading declines among major cryptocurrencies. Solana (SOL), Binance Coin (BNB), and Ether (ETH) fell up to 4%, while Tron (TRX) held steady over the same period.

The downturn came without a clear catalyst, pointing to profit-taking following last week’s recovery rally. Analysts noted that sentiment remains fragile, with the market leaning more heavily on technicals in the absence of strong macro or regulatory drivers.

“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 while November has historically been a bullish month for crypto, the optimism of “Uptober” faded quickly after a brief early rally.

Despite the profit-taking, spot trading volumes topped $300 billion in October — the highest in a year — suggesting strong two-way liquidity and continued participation from both buyers and sellers.

---

Gold Pulls Back as China Ends Retail Tax Rebates

Gold prices steadied around $4,000 per ounce after an early Monday slide triggered by China’s decision to end tax rebates for certain gold retailers, a policy shift that could dent demand in one of the world’s largest bullion markets.

The move, announced over the weekend, removes value-added tax offsets for retailers selling gold acquired from the Shanghai Gold Exchange and Shanghai Futures Exchange. The timing comes just as the metal’s record-breaking October rally — fueled by retail demand and central bank accumulation — began to lose steam.

While gold remains over 50% higher year-to-date, the policy shift signals Beijing’s intent to cool speculative buying. The metal’s performance continues to mirror bitcoin’s broader trajectory, with both assets reacting to monetary policy expectations and geopolitical tensions.

With the Federal Reserve’s tightening cycle on pause and expectations rising for cheaper capital, traders remain divided — balancing between safe-haven exposure and selective risk-taking in digital and traditional markets alike.