The drumbeat of selling is getting louder in the Bitcoin spot market. Long-time holders have offloaded around 400,000 Bitcoin over the past month, an exodus of about $45 billion that’s left the market unbalanced, according to Markus Thielen, head of 10x Research.
The original cryptocurrency fell as much as 7.4% on Wednesday to dip below the $100,000 mark for the first time since June. That’s down more than 20% from a record high reached a month ago. Bitcoin pared losses on Wednesday, but is still struggling for a sure footing.