Bitcoin has experienced significant market turbulence as long-term holders sold over $45 billion worth of BTC in the past month, according to Bloomberg. The cryptocurrency fell 7.4% on Tuesday, dropping below $100,000 for the first time since June, marking a decline of over 20% from its all-time high last month. Despite a 1.7% rebound in early Wednesday trading, market confidence appears shaken. Markus Thielen of 10x Research reports that approximately 400,000 Bitcoins have been sold, leading to market imbalances. Vetle Lunde from K33 notes that over 319,000 Bitcoins were reactivated, mainly from accounts held for 6 to 12 months, indicating significant profit-taking. Unlike the October crash driven by leveraged trading, this decline is attributed to sustained selling in the spot market, with potential for continued pressure into next spring.