Institutional-focused crypto lender BlockFills said it suspended customer deposits and withdrawals last week as Bitcoin and the broader digital asset market extended their sharp decline.
The freeze — which remains in place — was implemented to safeguard clients and stabilize liquidity on the platform, the company said in a post on X on Wednesday.
During last week’s selloff, Bitcoin dropped roughly 24%, falling from $78,995 to around $60,000.
BlockFills said the decision to halt deposits and withdrawals was made “in light of recent market and financial conditions.”
“Management has been working closely with investors and clients to resolve the situation as quickly as possible and restore liquidity to the platform,” the company said.
Despite the suspension, clients have been permitted to continue trading with BlockFills to open and close spot and derivatives positions, along with certain other limited transactions, the firm added.
The withdrawal freeze could affect roughly 2,000 institutional clients, including asset managers and hedge funds, who collectively contributed more than $60 billion in trading volume on BlockFills in 2025.
The platform caters exclusively to investors holding $10 million or more in crypto assets.
BlockFills was founded in 2017 by CEO Nick Hammer and President Gordon Wallace, and counts investors such as Susquehanna Private Equity Investments and CME Group among its backers.
Bitcoin Down Nearly Half from October Peak
Bitcoin’s decline began on October 10, following a social media post by former US President Donald Trump regarding tariffs, which triggered significant volatility and led to nearly $20 billion in liquidated positions. The cryptocurrency continued to slide over the following months, reaching a year-to-date low of $60,008 on February 5.
Since then, Bitcoin has rebounded to $67,575, but remains down 46.6% from its all-time high of $126,080 set on October 6.
BlockFills’ withdrawal suspension represents the first instance of a major crypto platform halting client activity due to market conditions.
