Bitcoin has been falling again - but unlike in last month’s selloff, it’s not leverage breaking the market.

The original cryptocurrency fell as much as 7.4% on Tuesday 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 recovered 1.7% on Wednesday morning in New York, although some options traders are wagering on further declines.

If October’s crash was about forced selling, the current drawdown may reflect something more sobering: conviction eroding. Long-time Bitcoin 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.

“Over 319,000 Bitcoin has been reactivated in the past

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