Net Liquidity
Fed Balance Sheet minus RRP minus TGA ($M, weekly)
| Property | Value |
|---|---|
| Category | macro |
| Unit | $M |
| Resolution | 1d |
| Assets | MACRO |
| Tier | Basic |
| API Endpoint | GET /v1/macro/liquidity |
| Field | net_liquidity |
Overview
Net Liquidity is computed as Federal Reserve Balance Sheet minus the Reverse Repo facility minus the Treasury General Account: WALCL − RRP − TGA. Reported in millions, weekly frequency. Designed to measure the actual reserves available to risk markets after stripping out reserves "parked" at the Fed (RRP) and Treasury cash held outside the banking system (TGA).
Interpretation
- Rising Net Liquidity: more reserves in the banking system available to fund risk-asset bidding — historically a strong tailwind for BTC.
- Falling Net Liquidity: reserves drained either by the Fed (QT) or absorbed by RRP/TGA — historically coincides with BTC drawdowns.
- Net Liquidity has been the closest single macro analog to BTC price action since 2020.
Use Cases
- Use as the headline composite-liquidity input for BTC macro overlays.
- Track inflections in Net Liquidity for early signals of regime change ahead of reactions in price.
- Decompose into
macro_fed_balance_sheet,macro_reverse_repo, andmacro_tga_balanceto identify which lever is driving the move.
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/macro/liquidity?start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- Fed Balance Sheet — Federal Reserve total assets ($M, weekly)
- Reverse Repo (Overnight) — Overnight Reverse Repo facility usage ($B, daily)
- Treasury General Account — US Treasury General Account balance at the Fed ($M, weekly)
- SPDR S&P 500 ETF (SPY) — S&P 500 ETF closing price ($, daily)