Crypto Market Sees Profit-Taking: Dogecoin, Cardano Slide, Gold Dips on End of China Tax Perk

Crypto Market Extends Losses as Veteran Bitcoin Holders Cash Out; Gold Dips After China Ends Retail Tax Rebates
November 3, 2025

Bitcoin’s rally showed renewed signs of exhaustion on Monday as long-term holders ramped up selling, dragging major cryptocurrencies lower in a market still reeling from October’s historic slump.

Data from Glassnode indicates that selling by long-term Bitcoin investors has surged threefold since June, with many early buyers around $93,000 taking profits amid lingering uncertainty. The trend points to growing caution among seasoned holders after the digital asset market suffered its worst October since 2015.

Bitcoin (BTC) traded around $106,000 in early Asia hours, slipping from last week’s brief climb above $110,000. Leading altcoins were also under pressure, with Dogecoin (DOGE) and Cardano (ADA) each falling roughly 5%, while Solana (SOL), Binance Coin (BNB), and Ether (ETH) declined up to 4%. Tron (TRX) was little changed.

The downturn came absent a clear macro trigger, suggesting investors are locking in profits after a short-lived recovery rally. Analysts noted that technical signals now dominate trading, with sentiment subdued amid a lack of new catalysts.

“Without fresh support from Powell, crypto is once again driven purely by technicals,” said Alex Kuptsikevich, chief market analyst at FxPro. “Bitcoin’s repeated failure to sustain above $113,000 highlights fading momentum. Still, the $3.5 trillion market cap level continues to attract dip-buyers.”

While November has historically been a strong month for cryptocurrencies, the optimism that followed “Uptober” has already waned after early gains fizzled.

Despite the weakness, spot trading volumes exceeded $300 billion in October, the highest in a year — evidence of steady participation and ample two-way liquidity in the market.

Gold Slips as China Removes Tax Rebates for Retailers

Gold prices steadied near $4,000 per ounce after an early decline triggered by China’s decision to end tax rebates for select gold retailers — a shift that could weigh on demand in one of the world’s largest consumer markets.

Announced over the weekend, the policy eliminates value-added tax offsets for retailers selling gold from the Shanghai Gold Exchange and Shanghai Futures Exchange. The move comes just as gold’s record-breaking October rally — driven by surging retail demand and central bank buying — begins to lose momentum.

Although the metal remains up more than 50% this year, Beijing’s latest measure reflects an effort to curb speculative enthusiasm. Gold’s recent price pattern continues to mirror Bitcoin’s, with both assets reacting to shifts in monetary policy and global risk sentiment.

With the Federal Reserve’s tightening cycle on pause and expectations mounting for easier liquidity conditions, traders are increasingly balancing safe-haven exposure with selective risk-taking across both traditional and digital markets.