Global financial markets — stocks, commodities and cryptocurrencies — experienced heightened volatility during November 3–7, 2025. A mix of inflation worries, rising bond yields, geopolitical uncertainty and conflicting macro releases left investors scrambling for safe havens and drove rapid price swings across asset classes.
1. Overview: Volatility Returns
The tone of global markets was broadly negative through the week. US equity indices (Dow Jones, NASDAQ, S&P 500) moved erratically as investors digested fresh economic data and central-bank commentary.
Primary drivers: rising bond yields, higher-than-expected inflation prints, resilient US labor data and uncertainty over the timing of Fed rate cuts. The 10-year US Treasury yield briefly resumed upward pressure, weighing on rate-sensitive sectors such as technology and crypto.
2. US Macro: Conflicting Signals
Non-Farm Payrolls
Employment remained resilient — non-farm payrolls surprised to the upside, tightening the window for near-term Fed rate cuts despite some data pointing to cooling inflation.
Inflation
Inflation eased slightly but stayed above the Fed’s target in key measures, pushing markets into a cautious ‘wait-and-see’ mode about policy normalization and future cuts.
3. Asia: China, Japan, India — Mixed Reactions
Regional markets diverged as local macro and policy drivers interacted with global headwinds.
- India: Domestic markets were relatively resilient but volatile; FIIs continued intermittent outflows as investors weighed RBI policy, crude prices and US rate moves.
- China: Weak manufacturing, property sector stress and export headwinds pressured Chinese equities.
- Japan: A weaker yen supported exporters and gave local markets a mild lift.
4. Crypto Market (Nov 3–7): Fear Rules Again
Crypto markets opened the week in a state of elevated fear — the Fear & Greed Index showed “Extreme Fear” — and major tokens reacted with declines as macro pressure mounted.
Key proximate causes:
- Higher US bond yields
- Strong US dollar (DXY)
- Profit-taking after recent rallies
- Poor liquidity conditions in certain venues
- Regulatory uncertainty
5. Bitcoin Price Action
Bitcoin struggled near important support levels after failing to clear nearby resistance. Short-term traders engaged in profit booking while long-term holders showed relative composure.
- Bitcoin traded close to a key demand area during the week.
- Whale activity temporarily slowed.
- On-chain metrics indicated a neutral-to-slightly-cautious sentiment.
6. Altcoins & Ethereum
Ethereum broadly tracked Bitcoin’s weakness. Higher volatility and macro headwinds hit altcoins harder.
- Gas fees remained low but activity in DeFi tapered.
- Memecoins saw significant drawdowns amid panic selling.
- Layer-2 tokens like MATIC and ARB traded in tight ranges, lacking decisive directional momentum.
7. Market Structure, Liquidity & Stablecoins
Stablecoin supply and exchange flows are useful short-term liquidity indicators. For Nov 3–7:
- USDT supply saw a marginal decline, signaling slight cash-outflows from crypto instruments.
- Exchange inflows ticked up — a sign traders were preparing to sell into weakness.
- DeFi liquidity pools experienced a modest reduction in available liquidity.
Bottom Line — What Investors Should Watch
- US inflation prints and any comments from the Fed that clarify the timing of rate cuts.
- 10-year Treasury yield trajectory — persistence higher could keep pressure on risk assets.
- Exchange flows and stablecoin supply for early signs of renewed buying or selling pressure in crypto.
- Geopolitical headlines that can trigger sudden risk-off moves.
