Deribit Asia-Pacific Director Lin Chen: Liquidity 15–20% Lower After the 1011 Crash, US Market Stability Could Spark a Year-End Rally Despite Near-Term Volatility

Deribit Asia-Pacific Business Director Lin Chen noted that liquidity sits about 15-20% below the pre-crash baseline from the 1011 event, signaling persistent liquidity compression in crypto markets. This view raises focus on funding dynamics and price discovery under tighter conditions.

He adds that the U.S. equities space is in a volatile earnings cycle, with ongoing capital outflows weighing on risk appetite. Nevertheless, the U.S. stock market is making new highs, suggesting that a stabilized macro backdrop could allow liquidity to widen and support digital-asset activity.

Looking ahead, meaningful year-end rally potential will depend on liquidity normalization and steady macro momentum. In the near term, elevated volatility keeps crypto and correlated markets susceptible to sudden shifts.