Liquid doesn't just mean "can trade out of it at any time", but also "would typically be willing to trade out of it at any time". If a market is in a downswing,

Liquid doesn't just mean "can trade out of it at any time", but also "would typically be willing to trade out of it at any time". If a market is in a downswing, you're typically told to hold on to your stocks: buy low, sell high. The same rule would apply here. But that does mean they're not guaranteed to be liquid ("willing to trade") at all times, given that there's a risk of loss if you are forced to trade out of it at times of a market-low.