Crypto market starting to see even old-timers 'panic selling' amid rout

As the crypto market crumbled this year, short-term speculators were among the first to dump their holdings. Now mounting losses have even some of the most steadfast investors looking like they’re bailing out.

A measure called the spent output profit ratio, which tracks how much profit has been realized from market activity in digital currencies on a blockchain on any given day, has declined to its lowest level in a year, according to Glassnode data. 

The vanishing gains suggest long-term owners are coming under pressure, a potentially worrying sign for a market known for its hodlers -- the staunch and stalwart base