THE LIQTIDE SCORE: 44/100 — NO CLEAR FLOW — 21 OCT 2026
44/100NO CLEAR FLOW (▼ was 45) · TREND TURNING UP
The US Treasury pulled $92.5B out of the system in 7 days.
THE BOARD
| US NET LIQUIDITY | $5.87T | +$120.2B 4w |
| FED BALANCE SHEET | $6.76T | +$9.1B 4w |
| TREASURY WAR CHEST (TGA) | $965.0B | -$39.3B 4w |
| ON-RRP BUFFER | $227M | |
| STABLECOIN FLEET | $305.5B | -$2.3B 7d |
| BITCOIN | $83,002 | dominance 59.5% |
| SPOT ETF DESKS (5d NET) | +$181M |
SIGNALS
- GREEN · NETLIQ-RISING — US net liquidity 4-week change positive ($120.2B). Backdrop supportive.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($227M). No cushion left for the next drain.
- RED · STABLE-BURN — Stablecoin fleet shrank $2.3B in 7 days. Dry powder leaving the theater.
- GREEN · ETF-INFLOW — Spot BTC ETFs absorbed $181M over 5 sessions.
- RED · DOLLAR-SQUEEZE — Broad dollar in the top decile of its 1-year range. Offshore funding squeeze in effect.
THE READ
No clear flow: inflows and outflows are roughly balanced. The next decisive move in liquidity usually decides the tape. Trend: turning up.
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.