Liquid Restores Bitcoin Swaps but Keeps Peg-Outs Frozen as L-BTC Reserves Cover 85.8%

The split between restored swaps and frozen peg-outs is the key signal here: Liquid is keeping internal trading alive while the redemption channel remains the unresolved pressure point. The 85.8% reserve coverage and 603 BTC shortfall mean the gap is real but not total, and the absence of a peg-out timeline leaves holders without a way to test whether that coverage holds under redemption demand. What matters next is whether the reserve ratio stabilizes or deteriorates, and whether Liquid provides any schedule or mechanism for resuming redemptions — that, not the swap restoration, will determine how the market prices L-BTC risk.