Back to collectionLiquidity Pressure Edges Up as Risk Assets Rebound
Net liquidity slipped slightly and pressure reached 66 while equities and XAI activity improved; the measurements move together but do not establish causation.
The pressure score rose from 65 to 66 and remained neutral. Net dollar liquidity slipped from $5.810 trillion on November 2 to $5.807 trillion on November 3 as Treasury cash rose from $930.757 billion to $938.208 billion and ON RRP fell from $0.427 billion to $0.225 billion. SOFR’s spread over IORB widened from 5 to 7 basis points, the high-yield spread narrowed from 343 to 340 basis points and the 10-year real yield rose from 2.62% to 2.65%. These series have different observation dates and do not prove a single cause.
Risk markets improved at the same time: the S&P 500, Nasdaq 100 and semiconductor index rose, their drawdowns narrowed and VIX fell from 21.15 to 20.83. XAI spot moved from $0.00680 to $0.00686, volume from $104,955.80 to $158,661.20 and open interest from $1,286,115.60 to $1,332,762.10; holder and pool-staker counts added four and one, while the six-month premark measure increased by 0.004134 million XAI. The combination is a modest change in conditions, not evidence that liquidity caused the asset moves.