Markets look stressed, but the bigger picture is shifting in silence. The shutdown has locked up liquidity and the Treasury’s cash pile keeps rising, starving risk assets of fresh flow.

Crypto feels the pressure first, yet this is the classic pain window before a major turn.

When the shutdown ends, the Treasury will push hundreds of billions back into the system, QT will slow, and dollar liquidity will expand. Rate cuts are lined up, global easing is building, and fiscal spending ahead of 2026 keeps growth alive.

This squeeze won’t last. When liquidity returns, it will hit fast and lift everything. Crypto will be the first mover.

#Macro #CryptoMarkets #LiquidityCycle