Crypto Long & Short: Crypto’s liquidity mirage
CoinDesk
by Leo MindyukFebruary 18, 2026
In this week’s Crypto Long & Short Newsletter, Leo Mindyuk of ML Tech writes that while crypto markets look liquid on paper, executable liquidity at scale is more fragmented and more fragile than most institutions assume.
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Originally published on CoinDesk on 2/18/2026