Institution-focused crypto lending platform BlockFills announced it halted customer deposits and withdrawals last week as Bitcoin and the broader crypto market continued to tumble.
The suspension, which remains in effect, was intended to protect clients and restore liquidity on the platform, BlockFills said in an X post on Wednesday.
Last week’s market tumble saw Bitcoin fall another 24% from $78,995 to $60,000.
Blockfills said the withdrawal and deposit halt came “in light of recent market and financial conditions.”
“Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform,” BlockFills said.
“Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives* trading and select other circumstances,” BlockFills added.
The halt potentially impacts about 2,000 institutional clients, including asset managers and hedge funds, which contributed to more than $60 billion in trading volume on the platform in 2025.
The crypto liquidity and lending platform serves only investors with crypto holdings of $10 million or more.
BlockFills was founded by CEO Nick Hammer and President Gordon Wallace in 2017 and is backed by the likes of Susquehanna Private Equity Investments and CME Group.
Bitcoin is down 46% from its October high
Bitcoin’s price began to fall on Oct. 10 after a social media post on tariffs by US President Donald Trump sent shockwaves through the crypto markets, contributing to nearly $20 billion worth of positions being liquidated.
It fell further in the months following, hitting a year-to-date low of $60,008 on Feb. 5.
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Bitcoin has since rebounded to $67,575, but is still 46.6% off its all-time high of $126,080 set on Oct. 6.
BlockFills’ withdrawal halt marks the first suspension among major crypto platforms as a result of market conditions.
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