According to @business, the U.S. government shutdown is worsening stress in dollar funding markets, adding to a funding market mess that traders must monitor closely for liquidity risk transmission to risk assets, including crypto. source: Bloomberg/@business Funding strains typically manifest as wider T-bill–OIS spreads, volatile SOFR and general collateral repo rates, and dislocations at Treasury bill auctions that lift front-end yields and tighten collateral conditions. sources: Federal Reserve, Financial Stability Report (Oct 2023); BIS Quarterly Review (Mar 2020) When funding markets tighten, broader financial conditions usually deteriorate and high-beta assets have historically underperformed, with BTC and ETH showing increased correlation to risk-off moves as institutional participation has risen. sources: Federal Reserve, Financial Stability Report (Oct 2023); BIS Bulletin No. 45 (2022) Actionable watchlist for traders today: 1–3 month T-bill vs OIS spread, SOFR and GC repo prints, bill auction bid-to-cover and award tails, USD cross-currency basis, and BTC/ETH perpetual funding rates and futures basis as real-time liquidity gauges. sources: U.S. Treasury, Quarterly Refunding documents (2023); Federal Reserve, SOFR releases; CME Group, Bitcoin and Ether futures market education (2023)