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

2025-11-10 10:29

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The start of November 2025 brought one of the sharpest crypto corrections this year. More than $1 trillion in market value has disappeared since early October as global policy shifts and leveraged trading combined to trigger widespread liquidations.

The main shock came from the U.S. Federal Reserve's hawkish tone, which signaled that interest rates could stay higher for longer. This sudden change in outlook caused traders to unwind risky positions, setting off a chain reaction across markets. Bitcoin (BTC) managed to defend a key support level; Ethereum (ETH) faced conflicting market flows; and Dogecoin (DOGE) saw its speculative base collapse.

Overall, the latest moves in BTC price, ETH price, and DOGE price reveal a maturing market, and how it responds to political and financial pressures.

Macro environment and policy shifts

The Fed and liquidity squeeze

U.S. Federal Reserve Chair Jerome Powell's latest comments erased market confidence in a December rate cut. Before his comments, traders expected a 96% chance of a December cut; that confidence dropped to just 69% within hours of his announcement.

Higher interest rates make borrowing costlier and push investors toward safer, income-generating assets like bonds. This shift in consumer sentiment hits crypto, a digital asset that thrives on liquidity and speculative capital, hard: as risk appetite drops, investors rotate away from digital assets, leading to steep selloffs across major coins.

Deleveraging and liquidations

The real damage came from leverage. As the markets plunged, millions in crypto derivatives were automatically liquidated. According to Coinglass data, over 347,000 traders lost positions worth $1.34 billion in a single day. Total liquidations are estimated to have topped $1.78 billion, showing how leverage turned fear into forced selling.

Global regulatory backdrop

At the same time, regulators are tightening control over global finance. The UK finalized rules for buy-now-pay-later (BNPL) products, and India updated its banking laws to let users assign multiple nominees. These moves highlight how traditional finance is setting clearer rules, something the crypto sector still needs, especially around stablecoins.

Bitcoin (BTC): Holding steady in its maturity phase

Amidst market turmoil, Bitcoin held a crucial price floor near $99,060. On November 5, Galaxy Digital cut its 2025 BTC price prediction from $185,000 to $120,000, citing slower institutional inflows and passive ETF activity.

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.

In short, Bitcoin is evolving from a high-risk play to a steadier, portfolio-driven asset.

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

In contrast to Bitcoin, Ethereum is experiencing high sell-offs from institutions, with whales buying majorly during the resulting price dips.

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.

Despite the sell-off, Ethereum's fundamentals and developer activity remain strong, making it one of the few assets that could recover faster once sentiment improves.

Dogecoin (DOGE): Crushed by whale selling

Between late October and November 4, wallets holding 10 million and 100 million DOGE dumped about one billion coins onto the market. That flood caused the Dogecoin price to plunge 17% in a week, wiping out around $5 billion in market cap. Crucially, the selling successfully pushed the price below the key technical support group around the $0.18 mark, which immediately triggered automated exit strategies within numerous algorithmic trading systems on major exchanges, accelerating losses.

The near-term trajectory of the Dogecoin price depends heavily on overall market liquidity. If Bitcoin weakens further or macro conditions stay tight, analysts see a possible retest of the $0.14 — $0.11 zone before any recovery can be made.

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.