Liquidity Contraction and the Stress Test on the Crypto Market

The largest asset outflows since 2022 are, to some extent, a liquidity stress test.
Liquidity has always been the core driver of the crypto market. When global risk assets come under pressure, interest rate environments tighten, or the dollar strengthens, high-volatility assets are usually the first to be affected.
Large-scale outflows indicate that investors are reassessing their risk exposure. Especially with the proliferation of ETFs and institutional products, the pace of capital flows has accelerated compared to the past, amplifying volatility.
But outflows do not mean value disappears.
Markets often go through three phases:
The first phase is active deleveraging;
The second phase is emotional contagion;
The third phase is price discovery.
If long-term on-chain holders are not significantly loosening their positions, and outflows are concentrated in trading funds, it is more likely short-term risk aversion rather than a long-term trend reversal.
Investors need to distinguish between “structural withdrawal” and “tactical adjustment.”
Historically, periods of liquidity tightening do suppress valuations, but when marginal improvements occur, capital tends to flow back just as rapidly.
The larger the outflow, the greater the potential space for future re-entry.
The key question is: How long will this stress test last?#2022以来最大加密资产流出