Calculated Risk : Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is about two-thirds closed.
"The Financial Stability Implications of Digital Assets" by NY Fed
https://www.newyorkfed.org/medialibrary/media/research/epr/2024/EPR_2024_digital-assets_azar.pdf
The authors argue that, to date, the contribution of digital assets to systemic risk has been limited, given that the digital ecosystem is relatively small and not a major provider of financing and payment services to the real economy.
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