THE LIQTIDE SCORE: 46/100 — NO CLEAR FLOW — 20 SEP 2026
46/100NO CLEAR FLOW (▲ was 45) · TREND FALLING
The US Treasury pulled $154.6B 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) | $972.7B | +$37.6B 4w |
| ON-RRP BUFFER | $576M | |
| STABLECOIN FLEET | $311.6B | -$218M 7d |
| BITCOIN | $81,187 | dominance 58.9% |
| SPOT ETF DESKS (5d NET) | +$6M |
SIGNALS
- RED · NETLIQ-DRAIN — US net liquidity 4-week change NEGATIVE (-$59.5B). Risk backdrop tightening.
- RED · TGA-REBUILD — TGA rebuilt $154.6B in a week (>$100B threshold). Reserves being drained.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($576M). No cushion left for the next drain.
- RED · STABLE-BURN — Stablecoin fleet shrank $218M in 7 days. Dry powder leaving the theater.
- GREEN · ETF-INFLOW — Spot BTC ETFs absorbed $6M over 5 sessions.
THE READ
No clear flow: inflows and outflows are roughly balanced. The next decisive move in liquidity usually decides the tape. 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.