THE LIQTIDE SCORE: 30/100 — DRY SEASON — 04 NOV 2026
30/100DRY SEASON (▼ was 31) · TREND FALLING
The US Treasury injected $89.9B into the system this week.
THE BOARD
| US NET LIQUIDITY | $5.73T | -$17.6B 4w |
| FED BALANCE SHEET | $6.75T | +$2.6B 4w |
| TREASURY WAR CHEST (TGA) | $930.8B | +$47.4B 4w |
| ON-RRP BUFFER | $427M | |
| STABLECOIN FLEET | $296.9B | -$6.5B 7d |
| BITCOIN | $76,634 | dominance 59.3% |
| SPOT ETF DESKS (5d NET) | -$908M |
SIGNALS
- RED · NETLIQ-DRAIN — US net liquidity 4-week change NEGATIVE (-$17.6B). Risk backdrop tightening.
- AMBER · RRP-EXHAUSTED — ON-RRP buffer nearly spent ($427M). No cushion left for the next drain.
- AMBER · PLUMBING-WATCH — SOFR-IORB spread at 5bp. Watching repo plumbing.
- RED · STABLE-BURN — Stablecoin fleet shrank $6.5B in 7 days. Dry powder leaving the theater.
- AMBER · ETF-OUTFLOW — Spot BTC ETFs bled $908M 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.