# Пов'язані статті щодо Liquidity Crisis

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Liquidity Crisis", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

BlockFills Suspends Withdrawals: Is the First Domino About to Fall?

BlockFills, a major institutional crypto lending platform backed by traditional finance giants like CME Ventures and Susquehanna International Group (SIG), has temporarily suspended withdrawals, citing "temporary liquidity adjustments" to protect client and company interests. The move echoes language used by Celsius before its collapse in 2022, raising concerns about a potential repeat of past crypto lending failures. Founded in Chicago in 2018, BlockFills serves over 2,000 institutional clients—including miners, hedge funds, and payment processors—and processed over $61.1 billion in trading volume in 2025. Its sudden pause on withdrawals has triggered market anxiety, especially amid Bitcoin’s sharp decline from $120,000 to around $60,000, which has pressured mining operations reliant on financing. While BlockFills emphasizes its institutional risk management and strong backing, analysts note that prolonged suspension could signal systemic risk in the crypto credit sector. If resolved quickly, it may demonstrate resilience of institutional infrastructure; if not, it could become the first major domino to fall in a new wave of crypto financial stress.

比推02/12 00:08

BlockFills Suspends Withdrawals: Is the First Domino About to Fall?

比推02/12 00:08

Derive and Strands Introduce Off-Exchange Custody for On-Chain Derivatives

On February 6th, a sudden and severe market crash occurred across multiple asset classes without a clear catalyst. Bitcoin plunged 16% to $60,000, silver dropped 17%, and the tech-heavy Nasdaq fell 1.5%, resulting in $2.6 billion in crypto liquidations. The simultaneous decline in these diverse assets—often seen as a hedge (silver), a growth bet (tech stocks), and a high-risk casino (crypto)—suggests a severe liquidity crisis. In equities, AMD and Alphabet reported strong earnings but provided future guidance that disappointed overly optimistic markets, triggering a sector-wide selloff in chips and tech. The massive capital expenditure plans from Big Tech (over $500 billion collectively) raised concerns that AI is a capital-intensive endeavor rather than a guaranteed profit engine, threatening high valuations. Silver, after a massive 68% rally in January, crashed 50% in three days. Its dual nature as both an industrial metal and a safe-haven asset became a curse. The selloff was exacerbated by increased margin requirements, reduced market maker activity, and the surprise nomination of a hawkish Fed chair by Trump, which reduced fears of inflationary monetary policy. The crypto market, which had been artificially propped up by massive institutional buying throughout 2025, was hit hardest as it is often the first asset sold in a liquidity crunch to cover losses elsewhere. The true epicenter of the crisis may be Japan, where the 40-year government bond yield surged past 4% for the first time. This shattered the foundation of the massive Yen carry trade, forcing global funds to unwind positions in various assets to cover their soaring costs, creating a systemic liquidity black hole.

marsbit02/10 13:14

Derive and Strands Introduce Off-Exchange Custody for On-Chain Derivatives

marsbit02/10 13:14

The First Snowfall in the Crypto Industry of 2026

In February 2026, the crypto industry faces a severe downturn, marked by capital flight, collapsing narratives, and a loss of faith. A meeting with a VC friend in Beijing sets the tone: investment has stalled for half a year, and even committed believers are questioning the future. The announcement of Kyle Samani, a key figure at Multicoin Capital, leaving the industry signals a deeper crisis. The collapse is attributed to the end of an era of cheap money, as global liquidity recedes and risk assets—including cryptocurrencies—plunge simultaneously. Bitcoin’s narrative as "digital gold" crumbles as it correlates closely with tech stocks, amplifying rather than hedging risk. The Web3 application narrative also falters, overshadowed by the rise of AI, which has captured capital and talent, leaving crypto’s promises looking increasingly hollow. Projects like Entropy and Bit[.]com shut down, while Gemini downsizes drastically. Developers shift focus to AI, and social media fills with nostalgia for the 2021 bull market. The upcoming Consensus conference in Hong Kong highlights the industry’s search for direction amid the wreckage. Yet, amid the despair, there is hope for a quieter, more grounded future. Blockchain technology may find practical, niche applications—in supply chain finance or digital identity—without the hype of get-rich-quick schemes. The path forward requires patience, introspection, and a commitment to solving real problems, not chasing fantasies.

marsbit02/06 02:15

The First Snowfall in the Crypto Industry of 2026

marsbit02/06 02:15

Why Are Gold, U.S. Stocks, and Bitcoin All Falling?

Amid seemingly strong U.S. economic data, a broad-based sell-off hit global assets—from U.S. stocks and gold to commodities and cryptocurrencies—triggering market-wide panic. While surface-level factors like Middle East tensions and Trump’s comments on a weaker dollar contributed, the core issue lies deeper. The real driver appears to be a shift in market narrative and liquidity stress. The MAG7 tech stocks, which led the rally since May 2023, are facing skepticism over their high capital expenditures and stretched valuations. Meanwhile, banking system liquidity remains tight, with the spread between SOFR and IORB indicating strain, reducing the Fed’s flexibility for quantitative tightening. This has amplified a macro liquidity crunch, reminiscent of the March 2020 “312” crash, where investors dumped risk assets for cash. Unlike the May 2021 “519” crash—which was crypto-specific—this downturn is driven by systemic risk aversion and deleveraging. The AI investment theme is losing steam, and long-term bond yields are signaling concerns over fiscal sustainability. Cryptocurrencies, as high-risk assets, are among the first to be sold off. The current environment may present a recalibration opportunity, but survival depends on maintaining liquidity amid the volatility.

marsbit02/05 16:34

Why Are Gold, U.S. Stocks, and Bitcoin All Falling?

marsbit02/05 16:34

Where Did the Money Go? A Survival Guide to the Future 'Dollar Shortage'

"Where Did the Money Go? A Survival Guide for the Coming 'Dollar Shortage'" by Tiezhu Ge discusses the evolving nature of U.S. dollar liquidity, arguing it is no longer solely determined by the Federal Reserve's balance sheet but increasingly by the willingness and ability of Global Systemically Important Banks (G-SIBs) to act as financial intermediaries. The article explains that post-2025, dollar liquidity has shifted from a quantity constraint to an "intermediation constraint." Key regulatory frameworks like Basel III, particularly the Supplementary Leverage Ratio (SLR) and Liquidity Coverage Ratio (LCR), limit banks' capacity to expand their balance sheets. This makes them reluctant to engage in low-return activities like Treasury market-making and repo lending, especially during quarter-ends when regulatory compliance is scrutinized. This can lead to repo rate spikes (SOFR), forced Treasury sell-offs by funds, and heightened market volatility. The analysis framework for dollar tightness includes monitoring offshore dollar funding costs (e.g., cross-currency basis swaps like USD/JPY), onshore repo market pressures (SOFR vs. IORB), and bank behavior (e.g., use of the Fed's Standing Repo Facility). The author warns that without SLR relief, a scenario of easy monetary policy but tight credit could prevail. This creates asymmetric risks where liquidity can vanish quickly, potentially causing simultaneous stock and bond market declines (breaking the 60/40 portfolio). The guide advises holding cash for defense and considering gold/commodities as hedges, while cautioning that low-liquidity assets are highly vulnerable to sudden crashes.

marsbit01/05 09:34

Where Did the Money Go? A Survival Guide to the Future 'Dollar Shortage'

marsbit01/05 09:34

The Life and Death of 2021's Star Projects: Who Remains from the Frenzy of Investments?

The article "2021 Star Projects: Survival or Demise? Who's Left from the Heavily Funded Craze?" reflects on the crypto boom of 2021, a year marked by record-breaking valuations, massive NFT sales, and a wave of venture capital flooding into Web3 projects. That year, crypto startups raised $25.2 billion—a 713% increase from 2020. However, four years later, most of the top 400 highly-funded projects have collapsed or become inactive. Notable failures include centralized finance platforms like FTX, which raised $1.32 billion before its fraudulent collapse in 2022, and Celsius Network, which promised high yields but saw its token plummet 99.73%. Other lending platforms like BlockFi and Voyager Digital also crumbled during the liquidity crisis. NFT and metaverse projects, once hyped as revolutionary, largely failed. Axie Infinity, which raised $159.5 million, saw its token drop 99.49% as its play-to-earn economy proved unsustainable. The Sandbox, a metaverse project that raised $93 million, now sits mostly empty despite initial land sales. The piece concludes that most projects were products of a speculative bubble, with less than 5% creating lasting value. As a new cycle begins, it questions which of today’s projects will survive when the hype recedes.

marsbit12/24 07:29

The Life and Death of 2021's Star Projects: Who Remains from the Frenzy of Investments?

marsbit12/24 07:29

Fear & Greed Index Hits New Low of 10! Bitcoin Breaks Below $86K! Are All Blockchains Dead Except Tron, SOL, and BNB?

The Crypto Fear & Greed Index has plummeted to a shocking 10, indicating "extreme fear" in the market—the lowest level since the COVID-19 crash of March 2020. Bitcoin fell to around $85,100, while Ethereum dropped to $2,880. On-chain data reveals a stark divergence among blockchains. Tron leads with $1.24 million in 24-hour fees, followed by Solana ($589,088) and BNB Chain ($435,075). Ethereum ranked fourth with just $418,425. Many once-popular chains like Celestia, Sui, and Algorand generated less than $50 in fees, raising serious concerns about their utility and sustainability. The panic stems from macro liquidity tightening—due to delayed Fed rate cuts and Bank of Japan hikes—and cracks in crypto’s core narratives. Bitcoin ETFs have seen net outflows of over $2.3 billion since November, and long-term holders are selling aggressively. Ethereum’s staking model faces scrutiny: with 27.89% of ETH staked, yields rely heavily on token inflation rather than organic fee revenue, creating economic vulnerability. Historically, such extreme fear has often marked market bottoms. While retail and mid-sized whales panic-sell, large entities continue accumulating Bitcoin. The current sell-off may present a long-term opportunity, echoing past cycles where despair preceded major rallies.

marsbit12/16 06:09

Fear & Greed Index Hits New Low of 10! Bitcoin Breaks Below $86K! Are All Blockchains Dead Except Tron, SOL, and BNB?

marsbit12/16 06:09

The 'Final Battle' of Crypto Treasuries: The Myth of Buying the Dip Is Collapsing

Amid a recent crypto market downturn, crypto treasury companies—previously major buyers that fueled market rallies—have significantly slowed or halted their purchases, despite prices reaching potential bottom. This inaction is not due to depleted funds or panic but stems from a structural paralysis in their funding mechanisms, which rely heavily on stock premiums. These companies, exemplified by industry leader Strategy, primarily fund crypto acquisitions through convertible notes and At-The-Market (ATM) equity offerings. The ATM mechanism allows issuing new shares at a premium to net asset value (NAV) to raise capital for buying more crypto. However, when their stock price falls below the NAV per share (mNAV < 1), selling shares becomes dilutive and economically unfeasible, effectively locking their "ammunition." Strategy, for instance, still has over $30 billion in ATM capacity but cannot utilize it while trading at a discount. Other crypto treasury firms face similar constraints. Many have mNAV ratios below 1, rendering their ATM plans unusable. While some, like BitMine (a major Ethereum holder), continue buying using cash reserves, overall effective purchasing power is limited. The sector is shifting focus from leveraged accumulation to earning yield through staking (e.g., Ethereum staking yields ~8%) to cover interest costs and ensure survival. This reflects a broader move away from "infinite bullet" theories dependent on perpetual premiums, underscoring that these companies amplify trends rather than counteract downturns. Market recovery is essential to restart the funding flywheel.

比推12/08 09:27

The 'Final Battle' of Crypto Treasuries: The Myth of Buying the Dip Is Collapsing

比推12/08 09:27

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