Yesterday, the U.S. Treasury executed a liquidity drain of $285B–$325B, one of the largest of the quarter.

The event was expected, but the impact exceeded forecasts: firm repo, falling reserves, and pressure on financing.

Crypto reacted as an asset dependent on marginal liquidity:

$BTC BTC stable with a pullback, altcoins more volatile, DeFi with rising rates.

Monetary conditions continue to guide market behavior.