Back to collectionLiquidity Tightens as XAI Activity Cools
Pressure stayed neutral at 59, but Treasury cash rose, net liquidity fell and credit and volatility measures firmed while XAI spot activity and open interest declined.
Pressure remained neutral at 59 on September 29, but the underlying mix tightened. Net dollar liquidity fell from $5.822 trillion on September 24 to $5.787 trillion on September 28 as Treasury cash rose from $924.627 billion to $959.572 billion. Overnight reverse-repo usage rose to $11.446 billion, the high-yield spread widened 22 basis points to 302, and the ten-year real yield rose 5 basis points to 2.90%. These differently dated observations show co-movement, not causation.
Risk assets also softened: the S&P 500 and Nasdaq 100 drawdowns deepened to 1.64% and 1.28%, while VIX rose to 16.04. XAI closed at $0.00922 on September 29, with recorded spot volume down to $916,715.70. Open interest later fell to $2.730 million as funding rose to 0.005%. Holder and pool-staker counts moved only slightly. A larger rolling labelled-balance change remains unattributed and is not described as accumulation or distribution.