According to Omkar Godbole, pre-COVID U.S. debt levels were not above 100% of GDP, highlighting how post-2020 leverage shifted macro liquidity dynamics that traders must monitor (source: Omkar Godbole on X, Dec 11, 2025; Congressional Budget Office FY2019 data). U.S. debt held by the public stood near 79% of GDP at the end of FY2019, below 100%, underscoring the step-change higher after 2020 (source: Congressional Budget Office, Historical Debt Data). In September 2019, the Federal Reserve began large-scale repo operations and later added Treasury bill purchases to stabilize funding markets while maintaining it was not QE (source: Federal Reserve Bank of New York statement on repo operations, Sept 2019; Federal Reserve Board announcement on T-bill purchases, Oct 11, 2019). On March 12, 2020, the New York Fed offered up to $1.5 trillion in term repos to ease acute funding stress, followed by an open-ended QE program announced on March 23, 2020, materially expanding reserves and system liquidity (source: Federal Reserve Bank of New York repo operations announcement, Mar 12, 2020; Federal Reserve Board QE statement, Mar 23, 2020). For crypto traders, elevated federal borrowing and potential funding strains can widen rate term premia and tighten USD liquidity, conditions that often coincide with higher cross-asset volatility, making liquidity dashboards essential for BTC and ETH risk management (source: U.S. Treasury Borrowing Advisory Committee minutes; Bank for International Settlements Quarterly Review on term premia). Key watchpoints include the Fed balance sheet and reserve levels from H.4.1, SOFR and repo rates, and Treasury General Account swings that add or drain bank reserves (source: Federal Reserve H.4.1 statistical release; Federal Reserve Bank of New York SOFR data; U.S. Treasury Daily Statement on the TGA). For flow confirmation within crypto, monitor net stablecoin issuance and transfer volumes as a proxy for on-chain dollar liquidity alongside macro funding indicators (source: Coin Metrics network data; Federal Reserve H.4.1; U.S. Treasury reporting).