Gate News 消息，传统金融领域再现流动性错配风险。瑞银旗下德国子公司UBS Real Estate GmbH宣布，已暂停其Euroinvest房地产基金的全部赎回申请，冻结期限最长达36个月，涉及资产规模约4.69亿美元。该措施自2026年3月26日起生效，同时停止新份额发行。
此次限制源于赎回压力迅速累积。基金方面表示，可动用流动性已无法同时满足投资者提款需求与资产管理要求。该基金主要投资欧洲核心城市商业地产，在利率持续上行背景下估值承压，截至2026年2月的过去12个月已录得约9%的亏损。
值得注意的是，这一结构性问题与2022年加密行业危机高度相似。当年Celsius Network与Genesis Global均因“短期负债+长期资产”的错配模式，在集中赎回冲击下失去流动性支撑，最终走向破产。不同之处在于，本次风险载体由数字资产转为实体地产，但底层逻辑并未改变。
当前，类似压力正在扩散。包括Ares Management、Apollo Global Management及BlackRock在内的多家机构，也相继对旗下私募信贷或不动产基金实施赎回限制。地缘冲突升级与通胀预期升温，促使资金加速撤离低流动性资产。
市场层面，这类“锁仓”现象可能产生外溢影响。机构资金一旦被困，将削弱其对比特币、以太坊等资产的配置能力，从而间接压制市场流动性。随着传统金融与加密市场的联动加深，流动性约束正成为跨市场的关键变量。
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