THE LIQTIDE SCORE: 38/100 — DRY SEASON — 18 SEP 2026
38/100DRY SEASON (▼ was 50) · TREND FALLING
The US Treasury pulled $148.0B out of the system in 7 days.
THE BOARD
| US NET LIQUIDITY | $5.75T | -$59.5B 4w |
| FED BALANCE SHEET | $6.75T | +$849M 4w |
| TREASURY WAR CHEST (TGA) | $991.7B | +$55.3B 4w |
| ON-RRP BUFFER | $276M | |
| STABLECOIN FLEET | $311.1B | -$908M 7d |
| BITCOIN | $76,364 | dominance 58.1% |
| SPOT ETF DESKS (5d NET) | -$624M |
SIGNALS
- RED · NETLIQ-DRAIN — US net liquidity 4-week change NEGATIVE (-$59.5B). Risk backdrop tightening.
- RED · TGA-REBUILD — TGA rebuilt $148.0B in a week (>$100B threshold). Reserves being drained.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($276M). No cushion left for the next drain.
- RED · STABLE-BURN — Stablecoin fleet shrank $908M in 7 days. Dry powder leaving the theater.
- AMBER · ETF-OUTFLOW — Spot BTC ETFs bled $624M 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: falling.
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.