Back to collectionPressure 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.
Liquidity pressure rose from 60 to 62 on the October 29 observation, while the composite score moved from -0.2056 to -0.239. The underlying daily inputs were mixed: Treasury cash fell $36.898 billion to $1.015632 trillion and measured net dollar liquidity increased $29 billion to $5.730 trillion, while the Federal Reserve balance sheet declined $8 billion to $6.746 trillion. Overnight reverse repo rose only $0.177 billion; the SOFR-IORB spread narrowed one basis point to 4, high-yield spreads narrowed four basis points to 314, and the 10-year real yield rose 0.03 percentage point to 2.67%.
Public risk gauges improved on October 28: the S&P 500, Nasdaq 100 and semiconductor index rose, their drawdowns narrowed, and VIX fell from 17.52 to 16.91. XAI moved the other way on October 29, closing at $0.00708 versus $0.00777 as recorded spot volume rose to $303,157.60. Open interest then fell $179,444.40 to $1,373,402.20 by October 30, while funding stayed at 0.005%. Holder count fell four, pool stakers rose one and the six-month premark measure increased 0.133909 million XAI. These are concurrent observations, not evidence that one series caused another.
- Liquidity pressure indicator
- 62 score
- Liquidity: five-year percentile
- 62 percentile
- Liquidity composite score
- -0.239 score
- Net dollar liquidity
- 5.73 USD-trillion
- Treasury General Account
- 1,015.63 USD-billion
- Federal Reserve balance sheet
- 6.75 USD-trillion
- Overnight reverse repos
- 0.353 USD-billion
- SOFR minus IORB
- 4 basis-points
- High-yield credit spread
- 314 basis-points
- Ten-year real yield
- 2.67 percent
- Bank cash buffer
- 12.29 percent
- S&P 500 close
- 7,743.98 index
- S&P 500 drawdown
- -0.96 percent
- Nasdaq 100 close
- 29,813.16 index
- Nasdaq 100 drawdown
- -4.52 percent
- Semiconductor index close
- 11,684 index
- Semiconductor drawdown
- -20.16 percent
- VIX volatility index
- 16.91 index
- S&P 500 price/earnings
- 27.89 multiple
- S&P 500 CAPE
- 40.36 multiple
- Largest constituent weight
- 7.38 percent
- Top-three constituent weight
- 20.08 percent
- Top-ten constituent weight
- 39.4 percent
- Magnificent Seven weight
- 34.6 percent
- XAI holder addresses
- 51,886 addresses
- Sentry key holder addresses
- 10,828 addresses
- Sentry keys
- 3,583,516 keys
- Pool staking addresses
- 13,995 addresses
- Premarket-labelled balances: six-month change
- 105.84 million-XAI
- XAI spot close
- 0.00708 USD
- Recorded XAI spot volume
- 303,157.6 USD
- Recorded XAI open interest
- 1,373,402.2 USD
- Recorded XAI funding rate
- 0.005 percent