Net liquidity proxy - Fed balance sheet minus reverse repo and Treasury account balances
Net liquidity is the most-watched macro indicator for Bitcoin and risk assets. It measures the actual money available in the financial system by taking the Federal Reserve balance sheet and subtracting the reverse repo facility (RRP) and Treasury General Account (TGA). When net liquidity rises, more dollars are available to markets; when it falls, fewer are. PreReason tracks net liquidity daily with its trend, momentum and percentile rank.
Why: The Fed's balance sheet minus the reverse repo facility (RRP) and the Treasury General Account (TGA): a measure of the dollar liquidity in the financial system.
Category: calculated. Derived metrics combine multiple data sources into single indicators. These are computed server-side so you get the figure already worked out.
Source: PreReason's calculation from the Federal Reserve Board's H.4.1 (balance sheet, TGA) and the New York Fed (reverse repo). Updated: Recomputed hourly; its inputs weekly (H.4.1) and each business day (reverse repo).
API: GET /api/metrics/net-liquidity
Read more: Net Liquidity Explained
Used in briefings: Quick Check, BTC Context, Macro Snapshot, Correlation Check, BTC Momentum, Liquidity Momentum, Full Context, Factor Attribution, Regime Check, FX Liquidity
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