According to @MilkRoadDaily, global liquidity is rising again after the U.S. Treasury drained roughly $500B to refill the Treasury General Account and is no longer removing a major drag on liquidity, citing the U.S. Treasury cash refill as the driver. According to @MilkRoadDaily, BTC has already reacted to this liquidity inflection, indicating improving crypto risk appetite. Traders can verify the Treasury General Account rebuild and ongoing trend via the U.S. Treasury Daily Statement as the source and monitor ON RRP usage and reserve balances via the Federal Reserve H.4.1 statistical release as the source. According to @MilkRoadDaily, if liquidity continues to expand, crypto benchmarks like BTC could push significantly higher, making liquidity metrics a key part of the trading playbook.