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 of backers who would ride out any slump no matter what.
“The thought was not to worry, the long-term investors are holding strong,” Noelle Acheson, head of market insights at Genesis Global Trading, said in an interview. “Well, we’ve started to see the long-term holders sell as well. According to on-chain data, some of them seem to be panic selling, exiting at below cost....
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