Formalin needs to be fresh. There should not on any circumstances show any white precipitation in the storage bottle. In that case - Paraformaldehyde has been formed and it is very toxic for fish. Fresh formalin is very effective to a lot of external pathogens but be careful that there is no white precipitation in the bottle.
Sincerely Lasse
I’d also add that formalin (formaldehyde) has been shown to have immunosuppressive effects in both humans and fish.
https://www.int-res.com/articles/ab2010/10/b010p241.pdf
https://www.nature.com/articles/s41598-020-72502-9
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3493854/
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