Back to collectionTreasury Cash Falls as Risk Assets Rise
Lower Treasury cash lifted measured net liquidity and pressure eased to 59, while credit spreads widened and XAI derivatives exposure fell across differently dated observations.
Liquidity pressure eased from 60 on October 1 to 59 on October 2, remaining neutral. Net dollar liquidity rose $102 billion to $5.849 trillion as Treasury General Account cash fell $90.347 billion to $893.699 billion. Overnight reverse repos rose $1.151 billion to $1.501 billion, the high-yield spread widened 12 basis points to 324, and the ten-year real yield fell 5 basis points to 2.88%. The dates differ, and the observations do not establish that one move caused another.
Risk assets advanced on October 2: the S&P 500, Nasdaq 100 and semiconductor indices rose, their drawdowns narrowed, and VIX fell from 16.39 to 15.31. XAI closed at $0.00948 with recorded spot volume of $1.236 million; open interest later fell $228,592.90 to $2.641 million while funding stayed at 0.005%. The labelled six-month balance increase reached 28.29071 million XAI, but addresses and counterparties remain unmapped, so it is not described as accumulation or distribution.
- Liquidity pressure indicator
- 59 score
- Liquidity: five-year percentile
- 59 percentile
- Liquidity composite score
- -0.1878 score
- Net dollar liquidity
- 5.85 USD-trillion
- Treasury General Account
- 893.7 USD-billion
- Federal Reserve balance sheet
- 6.74 USD-trillion
- Overnight reverse repos
- 1.5 USD-billion
- SOFR minus IORB
- -3 basis-points
- High-yield credit spread
- 324 basis-points
- Ten-year real yield
- 2.88 percent
- Bank cash buffer
- 12.23 percent
- S&P 500 close
- 7,722.72 index
- S&P 500 drawdown
- -0.98 percent
- Nasdaq 100 close
- 30,807.93 index
- Nasdaq 100 drawdown
- 0 percent
- Semiconductor index close
- 13,136.67 index
- Semiconductor drawdown
- -10.24 percent
- VIX volatility index
- 15.31 index
- S&P 500 price/earnings
- 27.89 multiple
- S&P 500 CAPE
- 41.38 multiple
- Largest constituent weight
- 8.04 percent
- Top-three constituent weight
- 20.53 percent
- Top-ten constituent weight
- 40.27 percent
- Magnificent Seven weight
- 33.5 percent
- XAI holder addresses
- 50,044 addresses
- Sentry key holder addresses
- 10,828 addresses
- Sentry keys
- 3,583,516 keys
- Pool staking addresses
- 14,006 addresses
- Premarket-labelled balances: six-month change
- 28.29 million-XAI
- XAI spot close
- 0.00948 USD
- Recorded XAI spot volume
- 1,236,117.3 USD
- Recorded XAI open interest
- 2,641,445.8 USD
- Recorded XAI funding rate
- 0.005 percent