Another sign of strain is flashing across crypto markets.

Institutional trading and lending platform BlockFills has paused client deposits and withdrawals and limited certain trading activity, according to company statements and reports. The Chicago based firm, backed by investors including Susquehanna and CME Ventures, handled roughly $60 billion in trading volume last year and serves more than 2,000 institutional clients, including hedge funds and asset managers.

The company said the move was temporary and aimed at protecting both clients and the firm amid volatile market conditions. Customers are still able to open and close spot and derivatives positions, but access to funds remains restricted while the company works to restore liquidity.

This story is an excerpt from the Unchained Daily newsletter.

The timing is unsettling. Yesterday, bitcoin plunged below $66,000 after touching $60,000 during last week’s selloff, deepening a drawdown of roughly 45% from its October peak.

For many market participants, the decision evokes uncomfortable memories of 2022, when a cascade of platforms froze withdrawals before collapsing. Whether this proves to be precautionary or something more serious will be closely watched in the days ahead.