Galaxy Warns: Crypto Treasury Firms Risk Repeating History’s Costly Mistakes

Crypto's institutional players are barreling toward familiar pitfalls—and Galaxy Digital just sounded the alarm.

Deja vu in decentralized finance

While treasury management products multiply like unsecured stablecoins, Galaxy's research team spots eerie parallels to pre-crash behaviors. Remember when "risk management" meant praying for a bull market? Some balance sheets suggest memory loss.

Quant models meet human greed

Automated yield strategies now tout "institutional-grade" security—the same phrase 2022's collapse victims used before becoming case studies. Meanwhile, custody solutions compete on who can say "air-gapped" with the straightest face.

The closer we get to real adoption, the faster history's lessons get discarded. Maybe this time really is different—or maybe Wall Street's hunger for crypto yields will create the mother of all teachable moments. Again.