How global market shifts affect the prices of Bitcoin, Ethereum, and Dogecoin

Macro environment and policy shifts

The Fed and liquidity squeeze

Deleveraging and liquidations

Global regulatory backdrop

Bitcoin (BTC): Holding steady in its maturity phase

What's shaping BTC right now:

• Institutional phase: Bitcoin is now dominated by ETF and institutional flows, which makes it less volatile but also less explosive.
• Selling pressure: Around 400,000 BTC were reportedly sold in October, while some investors shifted focus to gold and AI-related assets.
• Support strength: Holding above $99,000 shows strong buyer interest, suggesting that the long-term uptrend remains intact even if momentum slows.

Ethereum (ETH): Strong fundamentals, but weak short-term flow

• ETF outflows: ETH-linked ETFs saw $507 million in outflows last week (3 — 7 Nov), led by large redemptions from BlackRock's ETHA fund. This pushed the ETH price down to a low of $3,107.12 on 4 November.
• Whale buying: As ETH approached the $3,000 zone, large holders began accumulating aggressively. On-chain and exchange flow data from the ETH price chart show a noticeable increase in buy-side volume during the dip, with several high-value wallets adding over $300 million worth of ETH positions. Historically, similar periods of whale accumulation have preceded strong recovery phases, often driving rebounds of 30 — 45% within two months.
• The Fusaka upgrade: The upcoming Fusaka hard fork (early November 5–12) introduces "PeerDAS," a system that reduces network costs and increases scalability. It's a key technical upgrade that strengthens Ethereum's long-term outlook.

Dogecoin (DOGE): Crushed by whale selling

Different reactions, same pressure

Early November's volatility shows a clear structural divergence in how digital assets react to global financial stress:

• Bitcoin (BTC): Bitcoin held its key support and proved more stable, transitioning into a "maturity era" of less volatile BTC price. However, growth may be slower as institutional flows dominate.
• Ethereum (ETH): Despite short-term institutional skepticism driving down the ETH price, the aggressive accumulation by whales suggests profound long-term conviction in its fundamentals. The imminent Fusaka upgrade is a key de-risking event that justifies this bullish outlook .
• Dogecoin (DOGE): Remains a high-risk asset that mirrors broader market sentiment, falling fastest when liquidity dries up.