THE LIQTIDE SCORE: 32/100 — DRY SEASON — 31 OCT 2026
32/100DRY SEASON (▲ was 30) · TREND FALLING
The US Treasury pulled $78.5B out of the system in 7 days.
THE BOARD
| US NET LIQUIDITY | $5.73T | -$17.6B 4w |
| FED BALANCE SHEET | $6.75T | +$2.6B 4w |
| TREASURY WAR CHEST (TGA) | $1.04T | +$146.5B 4w |
| ON-RRP BUFFER | $4.4B | |
| STABLECOIN FLEET | $300.6B | -$3.9B 7d |
| BITCOIN | $77,360 | dominance 59.2% |
| SPOT ETF DESKS (5d NET) | +$31M |
SIGNALS
- RED · NETLIQ-DRAIN — US net liquidity 4-week change NEGATIVE (-$17.6B). Risk backdrop tightening.
- AMBER · TGA-WARCHEST — Treasury cash pile at $1.04T — above $1T, highest-tier drain pressure.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($4.4B). No cushion left for the next drain.
- RED · STABLE-BURN — Stablecoin fleet shrank $3.9B in 7 days. Dry powder leaving the theater.
- GREEN · ETF-INFLOW — Spot BTC ETFs absorbed $31M over 5 sessions.
- RED · DOLLAR-SQUEEZE — Broad dollar in the top decile of its 1-year range. Offshore funding squeeze in effect.
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.