PANews, November 5th - According to Bloomberg, Bitcoin has fallen again – but unlike last month's sell-off, this time it wasn't triggered by leveraged trading that caused the market crash. On Tuesday, Bitcoin fell as much as 7.4%, breaking below the $100,000 mark for the first time since June. Compared to its all-time high a month ago, the drop exceeds 20%. In early trading on Wednesday, Bitcoin rebounded 1.7% in the New York market, although some options traders are still betting on further declines. If the October crash was driven by forced selling, the current pullback may reflect a more alarming situation: market confidence is waning. According to Markus Thielen, head of 10x Research, long-term Bitcoin holders have sold approximately 400,000 Bitcoins in the past month, resulting in an outflow of about $45 billion and causing market imbalances. “Over 319,000 bitcoins have been reactivated in the past month, primarily from accounts held for 6 to 12 months—indicating significant profit-taking by investors since mid-July,” said Vetle Lunde, Head of Research at K33. “While some reactivations stemmed from internal transfers, the majority reflect genuine selling activity.” Unlike the chain reaction that triggered the October crash, this decline has been driven primarily by sustained selling in the spot market. Thielen believes the imbalance between long-term holders selling bitcoins and new buyers entering the market is beginning to influence market trends, not just sentiment. Looking ahead, Thielen warns this selling trend could continue into next spring.PANews, November 5th - According to Bloomberg, Bitcoin has fallen again – but unlike last month's sell-off, this time it wasn't triggered by leveraged trading that caused the market crash. On Tuesday, Bitcoin fell as much as 7.4%, breaking below the $100,000 mark for the first time since June. Compared to its all-time high a month ago, the drop exceeds 20%. In early trading on Wednesday, Bitcoin rebounded 1.7% in the New York market, although some options traders are still betting on further declines. If the October crash was driven by forced selling, the current pullback may reflect a more alarming situation: market confidence is waning. According to Markus Thielen, head of 10x Research, long-term Bitcoin holders have sold approximately 400,000 Bitcoins in the past month, resulting in an outflow of about $45 billion and causing market imbalances. “Over 319,000 bitcoins have been reactivated in the past month, primarily from accounts held for 6 to 12 months—indicating significant profit-taking by investors since mid-July,” said Vetle Lunde, Head of Research at K33. “While some reactivations stemmed from internal transfers, the majority reflect genuine selling activity.” Unlike the chain reaction that triggered the October crash, this decline has been driven primarily by sustained selling in the spot market. Thielen believes the imbalance between long-term holders selling bitcoins and new buyers entering the market is beginning to influence market trends, not just sentiment. Looking ahead, Thielen warns this selling trend could continue into next spring.