THE LIQTIDE SCORE: 34/100 — DRY SEASON — 02 JUL 2026
34/100DRY SEASON (▲ was 33) · TREND PEAKING
The Fed's balance sheet expanded $31.3B this month.
THE BOARD
| US NET LIQUIDITY | $5.83T | -$30.6B 4w |
| FED BALANCE SHEET | $6.74T | +$31.3B 4w |
| TREASURY WAR CHEST (TGA) | $919.1B | +$53.1B 4w |
| ON-RRP BUFFER | $1.0B | |
| STABLECOIN FLEET | $311.1B | -$2.9B 7d |
| BITCOIN | $61,851 | dominance 55.7% |
| SPOT ETF DESKS (5d NET) | -$1.2B |
SIGNALS
- RED · NETLIQ-DRAIN — US net liquidity 4-week change NEGATIVE (-$30.6B). Risk backdrop tightening.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($1.0B). No cushion left for the next drain.
- RED · STABLE-BURN — Stablecoin fleet shrank $2.9B in 7 days. Dry powder leaving the theater.
- AMBER · ETF-OUTFLOW — Spot BTC ETFs bled $1.2B over 5 sessions.
THE READ
Dry season: more money is leaving the financial system than entering it. Risk assets are fighting the current until the flow turns. Trend: peaking.
THE LIQTIDE SCORE™ IS A PROPRIETARY 0–100 COMPOSITE OF GLOBAL LIQUIDITY FLOWS (OPEN METHODOLOGY). DATA: FRED / US TREASURY / NY FED / DEFILLAMA / COINGECKO / STOOQ / FARSIDE. QUOTE FREELY — ATTRIBUTION: LIQTIDE.COM. ANALYTICAL VISUALIZATION OF PUBLIC DATA — NOT INVESTMENT ADVICE.