#Pullback Beyond price movements, early indicators of stress are already emerging at the institutional level.
One recent example has been Gemini’s decision to scale back operations and exit certain European markets. The move does not point to insolvency, nor can it be directly attributed to the latest price downturn.
Meanwhile, last month Polygon carried out a large internal round of layoffs, dismissing roughly 30% of its staff. The move marked the third time it did so in the past three years.
Historically, similar operational pullbacks appeared quietly in late 2021 and early 2022, well before broader industry failures became visible. Firms began freezing hiring, scaling back expansion plans, and reducing incentives as liquidity tightened. These moves were often framed as efficiency or regulatory alignment rather than distress.
Attention is also returning to digital asset treasuries, where prolonged drawdowns tend to expose balance-sheet sensitivity. MicroStrategy has once again emerged as a bellwether.
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