Black Ledger
Treasury 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.
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Independent investment research
Night Ash.
Crypto. Real assets. Market structure.
Market observations
View allLiquidity pressure indicator59 score
Liquidity: five-year percentile59 percentile
Liquidity composite score-0.1878 score
Net dollar liquidity5.85 USD-trillion
Latest research
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Black Ledger
Treasury Cash Rises as Liquidity Pressure Edges Higher
Net dollar liquidity fell as Treasury cash increased, while credit conditions firmed and XAI trading activity rebounded across differently dated observations.
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Research
Chainlink Demonstrates Four-Chain Dividend Workflow
A Swift Hackathon runner-up used CRE and ISO 20022 messages to automate a tokenized-equity cash dividend across four blockchains; it was a demonstration, not a production launch.
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Black Ledger
Liquidity Eases at the Margin as Credit and Concentration Firm
Lower Treasury cash lifted net liquidity, but wider high-yield spreads, higher VIX and rising concentration kept the pressure score neutral at 59.
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