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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.

Published
A dark stone holds steady in a branching river delta beneath falling orange lines
Technical illustration

Liquidity pressure remained neutral at 64. Net dollar liquidity stayed at $5.705 trillion, Treasury cash at $1.040236 trillion, reverse repos at $4.375 billion, high-yield spreads at 326 basis points and the 10-year real yield at 2.63%.

The S&P 500 fell from 7,720.39 to 7,580.07; the Nasdaq-100 fell from 29,402.51 to 28,384.85 and semiconductor drawdown worsened from 21.30% to 26.96%. VIX rose from 17.20 to 19.42. XAI closed at $0.00709 while spot volume fell to $86,411.50; open interest edged up to $1,378,235.80. This shows weaker price and turnover beside slightly higher positioning, not causation.

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