Trading giant BlockFills suspends deposits and withdrawals. Can the liquidity crisis turn around?

Editorial: Felix, PANews

After the crash in the crypto market, everyone is speculating which major institution might be the next to “sacrifice” itself. On the evening of February 11, a major whale in the crypto space officially went dormant.

On February 11, Blockfills, a cryptocurrency trading and lending company, issued a statement saying that due to recent extreme market volatility and financial conditions, all customer deposits and withdrawals were temporarily suspended last week. However, customers can still open and close spot and derivatives positions, as well as conduct other specific transactions.

Blockfills emphasized that this measure was taken to protect customers and the company, and stated that management is in close communication and cooperation with investors and clients, striving to restore liquidity as soon as possible. During this process, the company maintains active communication with clients and will regularly update them on the latest developments based on the situation.

Market chain reactions triggered by turbulent conditions raise concerns

BlockFills’ statement comes amid a prolonged decline in the crypto market over several months, which last week culminated in a full-blown crash. Bitcoin briefly fell to a low of $60,000, then rebounded to the current $66,000, still about 45% below its all-time high set in October last year.

As a liquidity giant serving over 2,000 institutional clients worldwide, its suspension recalls the crypto winter of 2022, when the bear market intensified, many platforms were forced to halt withdrawals, leading to numerous closures and chain reactions.

In 2022, Celsius Network, one of the largest crypto lending platforms at the time, suspended all withdrawals citing extreme market conditions. Weeks later, the platform filed for bankruptcy restructuring. The same year, FTX exchange faced a run and halted withdrawals, followed by its affiliated lender Genesis also suspending redemptions due to liquidity pressures. Additionally, Voyager Digital announced a halt to trading and withdrawals after defaulting on a large loan to Three Arrows Capital. These series of collapses worsened an already sluggish market.

Unlike platforms primarily serving retail investors, the crisis at Blockfills directly affects professional institutions and miners. Its suspension of deposits and withdrawals indicates that liquidity pressures in the crypto market have spread to core infrastructure.

Over $60 billion in annual trading volume, backed by major institutional investors

As a key infrastructure provider in the crypto industry, Blockfills, headquartered in Chicago, acts as a bridge connecting traditional finance and digital assets.

Founded in 2018, Blockfills provides crypto liquidity, trade execution, and lending services to over 2,000 institutional clients across 95 countries, including hedge funds, asset managers, family offices, liquidity providers, and crypto miners, but does not serve retail investors directly.

According to official data, the platform’s trading volume is projected to surpass $61.1 billion in 2025, a 28% increase from 2024. Of this, spot trading exceeds $17.9 billion, and derivatives trading exceeds $40.8 billion.

The platform also benefits from strong shareholder support. Blockfills raised $6 million in 2021 and an additional $37 million in 2022. Investors include global quant trading giant Susquehanna Private Equity Investments LLLP and CME Ventures (the venture capital arm of CME Group).

Susquehanna Private Equity Investments LLLP is a private equity entity under Susquehanna International Group (SIG), a quantitative trading and market-making firm involved in stocks, energy, and digital assets. According to Q3 2025 disclosures, SIG’s publicly traded securities portfolio management size is approximately $874.9 billion.

CME Ventures, the strategic investment arm of CME Group—the world’s largest derivatives exchange—had about $4.6 billion in cash and cash equivalents as of early 2026. In 2025, CME Group achieved a record annual revenue of $6.5 billion, with an operating profit of about $4.2 billion. This indicates that CME Ventures has stable and substantial capital backing.

The suspension of deposits and withdrawals by Blockfills marks the first major liquidity crisis amid this year’s market turbulence. Whether Blockfills can achieve a “soft landing” through capital infusion or will face bankruptcy remains uncertain. However, it is reassuring that Blockfills is backed by strong shareholders, offering hope for overcoming the crisis.

Related reading: The Triple Resonance at Bitcoin’s Bottom: The Ultimate Indication from Macro, On-Chain, and Miner Economics