Black Ledger
Risk Assets Weaken While Liquidity Pressure Holds at 64
Funding measures were unchanged, but equity drawdowns deepened, VIX rose and XAI price and volume weakened.
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Independent investment research
Night Ash.
Crypto. Real assets. Market structure.
Market observations
View allLiquidity pressure indicator64 score
Liquidity: five-year percentile64 percentile
Liquidity composite score-0.276 score
Net dollar liquidity5.71 USD-trillion
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Black Ledger
Pressure Rises to 64 as Treasury Cash Builds and Risk Assets Weaken
Net dollar liquidity fell by $25 billion as Treasury cash and ON RRP rose, while credit spreads, equity drawdowns and volatility worsened; XAI participation also softened.
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Research
Aave Freezes Markets, Then Begins a Staged Reopening
Aave froze hundreds of reserves after the Binance incident, then began reopening them with tighter borrowing and collateral controls.
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Black Ledger
Pressure Rises as Treasury Cash Falls and XAI Weakens
The pressure score rose to 62 even as lower Treasury cash lifted measured net liquidity and public risk gauges improved; XAI price and open interest declined.
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