Crypto Liquidity Stress

A less likely but material downside path is that the initial liquidation exposes thin liquidity in crypto perpetual futures and altcoin markets. Stress remains mostly crypto-native, but public crypto equities reprice sharply as volumes, collateral quality, and counterparty exposure come into focus.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.