THE LIQTIDE SCORE: 52/100 — NO CLEAR FLOW — 23 SEP 2026
52/100NO CLEAR FLOW (▲ was 44) · TREND FALLING
The US Treasury pulled $133.2B 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) | $1.00T | +$37.5B 4w |
| ON-RRP BUFFER | $453M | |
| STABLECOIN FLEET | $313.5B | +$1.6B 7d |
| BITCOIN | $86,465 | dominance 58.7% |
| SPOT ETF DESKS (5d NET) | +$1.7B |
SIGNALS
- RED · NETLIQ-DRAIN — US net liquidity 4-week change NEGATIVE (-$59.5B). Risk backdrop tightening.
- RED · TGA-REBUILD — TGA rebuilt $133.2B in a week (>$100B threshold). Reserves being drained.
- AMBER · TGA-WARCHEST — Treasury cash pile at $1.00T — above $1T, highest-tier drain pressure.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($453M). No cushion left for the next drain.
- GREEN · STABLE-MINT — Stablecoin fleet grew $1.6B in 7 days. Dry powder loading.
- GREEN · ETF-INFLOW — Spot BTC ETFs absorbed $1.7B 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.