[Federal Reserve Report: Third-Party Supply Chain Risks May Become a New Fault Line for Financial Stability] On November 27, Federal Reserve research revealed that the top 100 banks and 100 non-bank financial institutions in the United States face highly concentrated risks at the level of third-party service providers. If critical cloud, payment, or core IT service providers were to collapse, it could trigger systemic cross-market events. Models indicate that in extreme scenarios, the tail-end losses caused by systemic incidents far exceed normal operational risks, with operational disruptions becoming a primary source of losses. The crypto market is more sensitive to such risks, as regional or supplier-level disruptions could lead to chain liquidations and liquidity vacuums, necessitating vigilance against the risk of a liquidity spiral downturn. Analysts pointed out that the market is entering a phase of infrastructure risk pricing, and future capital allocation will focus more on system stability and supply chain concentration.