According to @MilkRoadDaily, global liquidity growth has slowed as a stronger U.S. dollar and the U.S. Treasury refilling its Treasury General Account pull capital out of risk assets like crypto, pressuring BTC and ETH in the near term, source: @MilkRoadDaily on X, Aug 10, 2025. They state this impact is short term and note that a potential September Federal Reserve rate cut could reverse the liquidity drag by easing financial conditions, potentially supporting a risk-on rotation back into crypto, source: @MilkRoadDaily on X, Aug 10, 2025. Traders are advised to monitor the dollar trend, TGA balances, and the September policy path to time re-entry and beta exposure in BTC and ETH, source: @MilkRoadDaily on X, Aug 10, 2025.